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Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common

Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total of 600,000 shares of common stock were outstanding. The interest rate on the bond payable was 10%, the income tax rate was 40%, and the dividend per share of common stock was $0.75 last year and $0.40 this year. The market value of the companys common stock at the end of this year was $26. All of the companys sales are on account.

Weller Corporation Comparative Balance Sheet (dollars in thousands)
This Year Last Year
Assets
Current assets:
Cash $ 1,130 $ 1,260
Accounts receivable, net 9,400 7,400
Inventory 13,800 11,200
Prepaid expenses 620 510
Total current assets 24,950 20,370
Property and equipment:
Land 10,900 10,900
Buildings and equipment, net 43,050 38,894
Total property and equipment 53,950 49,794
Total assets $ 78,900 $ 70,164
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 19,200 $ 17,700
Accrued liabilities 1,100 800
Notes payable, short term 130 130
Total current liabilities 20,430 18,630
Long-term liabilities:
Bonds payable 9,600 9,600
Total liabilities 30,030 28,230
Stockholders' equity:
Common stock 600 600
Additional paid-in capital 4,000 4,000
Total paid-in capital 4,600 4,600
Retained earnings 44,270 37,334
Total stockholders' equity 48,870 41,934
Total liabilities and stockholders' equity $ 78,900 $ 70,164

Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands)
This Year Last Year
Sales $ 73,920 $ 65,000
Cost of goods sold 42,500 35,000
Gross margin 31,420 30,000
Selling and administrative expenses:
Selling expenses 11,500 10,600
Administrative expenses 7,000 6,700
Total selling and administrative expenses 18,500 17,300
Net operating income 12,920 12,700
Interest expense 960 960
Net income before taxes 11,960 11,740
Income taxes 4,784 4,696
Net income 7,176 7,044
Dividends to common stockholders 240 450
Net income added to retained earnings 6,936 6,594
Beginning retained earnings 37,334 30,740
Ending retained earnings $ 44,270 $ 37,334

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Required: Compute the following financial data for this year: 1. Accounts receivable turnover. (Assume that all sales are on account.) (Round your answer to 2 decimal places.) 2. Average collection period. (Use 365 days in a year. Round your intermediate calculations and final answer to 2 decimal places.) 3. Inventory turnover. (Round your answer to 2 decimal places.) 4. Average sale period. (Use 365 days in a year. Round your intermediate calculations and final answer to 2 decimal places.) 5. Operating cycle. (Round your intermediate calculations and final answer to 2 decimal places.) 6. Total asset turnover. (Round your answer to 2 decimal places.) 1. Accounts receivable turnover days 2. Average collection period 3. Inventory turnover 4. Average sale period 5. Operating cycle 6. Total asset turnover days days

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