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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 970,000 shares of common stock were outstanding. The interest rate on the bonds, which were sold at their face value, was 12%. The income tax rate was 40% and the dividend per share of common stock was so.40 this year. The market value of the company's common stock at the end of the year was $26. 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 Accounts receivable, net s 3.302 $ 4.230 16,1009,100 10,5508,880 1,9702,440 Prepaid expenses Total current assets Property and equipment: 31,92224,650 Land 7,700 7,700 20,90020,700 Buildings and equipment, net Total property and equipment Total assets Liabilities and Stockholders' Equity 28,600 28,400 $60,522 $53,050 Current liabilities: $11,200 9,150 940 1,550 470 s payable Accrued liabilities Notes payable, short term Total current liabilities Long-term liabilities: 12,610 11,170 7,500 7,500 20,110 18,670 Bonds payable Total liabilities Stockholders' equity: Common stock Additional paid-in capital 970 970 5,050 5,050 Total paid-in capital Retained earnings 6,020 6,020 34,392 28,360 40,412 34,380 $60,522 $53,050 Total stackholders equity Total liabilities and stockholders' equity Weller Corporation Comparatfive Income Statement and Reconcaiatiorn
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