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 $500,000$ 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 $$0\mathrm{.}75$ last year and $$0\mathrm{.}40$ this year. The market value of the company$$s common stock at the end of this year was $$30.$ All of the company$$s sales are on account.

Weller Corporation

Comparative Balance Sheet

$($dollars in thousands$)$

This Year Last Year

Assets

Current assets:

Cash $ $1,270$ $ $1,220$

Accounts receivable, net $10,8007,500$

Inventory $13,40012,500$

Prepaid expenses $700570$

Total current assets $26,17021,790$

Property and equipment:

Land $10,00010,000$

Buildings and equipment, net $39,20934,132$

Total property and equipment $49,20944,132$

Total assets $ $75,379$ $ $65,922$

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $ $19,600$ $ $18,100$

Accrued liabilities $1,080890$

Notes payable, short term $210210$

Total current liabilities $20,89019,200$

Long$-$term liabilities:

Bonds payable $8,3008,300$

Total liabilities $29,19027,500$

Stockholders' equity:

Common stock $500500$

Additional paid$-$in capital $4,0004,000$

Total paid$-$in capital $4,5004,500$

Retained earnings $41,68933,922$

Total stockholders' equity $46,18938,422$

Total liabilities and stockholders' equity $ $75,379$ $ $65,922$

Weller Corporation

Comparative Income Statement and Reconciliation

$($dollars in thousands$)$

This Year Last Year

Sales $ $75,000$ $ $64,000$

Cost of goods sold $42,00042,000$

Gross margin $33,00022,000$

Selling and administrative expenses:

Selling expenses $11,50010,100$

Administrative expenses $7,1006,100$

Total selling and administrative expenses $18,60016,200$

Net operating income $14,4005,800$

Interest expense $830830$

Net income before taxes $13,5704,970$

Income taxes $5,4281,988$

Net income $8,1422,982$

Dividends to common stockholders $375200$

Net income added to retained earnings $7,7672,782$

Beginning retained earnings $33,92231,140$

Ending retained earnings $ $41,689$ $ $33,922$

Required:

Compute the following financial data and ratios for this year:

$1.$ Working capital. $($Enter your answer in thousands.$)$

$2.$ Current ratio. $($Round your answer to $2$ decimal places.$)$

$3.$ Acid$-$test ratio. $($Round your answer to $2$ decimal places.$)$