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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 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 $0.75 last year and $0.40 this year. The market value of the companys common stock at the end of this year was $25. All of the companys sales are on account.

Weller Corporation Comparative Balance Sheet (dollars in thousands)
This Year Last Year
Assets
Current assets:
Cash $ 1,230 $ 1,270
Accounts receivable, net 10,800 6,900
Inventory 12,300 10,700
Prepaid expenses 700 560
Total current assets 25,030 19,430
Property and equipment:
Land 10,300 10,300
Buildings and equipment, net 50,820 40,273
Total property and equipment 61,120 50,573
Total assets $ 86,150 $ 70,003
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 19,700 $ 18,000
Accrued liabilities 950 790
Notes payable, short term 210 210
Total current liabilities 20,860 19,000
Long-term liabilities:
Bonds payable 8,700 8,700
Total liabilities 29,560 27,700
Stockholders' equity:
Common stock 500 500
Additional paid-in capital 4,000 4,000
Total paid-in capital 4,500 4,500
Retained earnings 52,090 37,803
Total stockholders' equity 56,590 42,303
Total liabilities and stockholders' equity $ 86,150 $ 70,003

Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands)
This Year Last Year
Sales $ 78,765 $ 64,000
Cost of goods sold 35,650 35,000
Gross margin 43,115 29,000
Selling and administrative expenses:
Selling expenses 11,200 10,700
Administrative expenses 6,900 6,200
Total selling and administrative expenses 18,100 16,900
Net operating income 25,015 12,100
Interest expense 870 870
Net income before taxes 24,145 11,230
Income taxes 9,658 4,492
Net income 14,487 6,738
Dividends to common stockholders 200 375
Net income added to retained earnings 14,287 6,363
Beginning retained earnings 37,803 31,440
Ending retained earnings $ 52,090 $ 37,803

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.)

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