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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 $22. All of the companys sales are on account.

Weller Corporation Comparative Balance Sheet (dollars in thousands)
This Year Last Year
Assets
Current assets:
Cash $ 1,250 $ 1,240
Accounts receivable, net 9,100 7,300
Inventory 12,400 12,500
Prepaid expenses 800 530
Total current assets 23,550 21,570
Property and equipment:
Land 9,800 9,800
Buildings and equipment, net 50,183 39,773
Total property and equipment 59,983 49,573
Total assets $ 83,533 $ 71,143
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 20,300 $ 18,300
Accrued liabilities 1,000 820
Notes payable, short term 300 300
Total current liabilities 21,600 19,420
Long-term liabilities:
Bonds payable 8,700 8,700
Total liabilities 30,300 28,120
Stockholders' equity:
Common stock 500 500
Additional paid-in capital 4,000 4,000
Total paid-in capital 4,500 4,500
Retained earnings 48,733 38,523
Total stockholders' equity 53,233 43,023
Total liabilities and stockholders' equity $ 83,533 $ 71,143

Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands)
This Year Last Year
Sales $ 76,260 $ 65,000
Cost of goods sold 39,840 33,000
Gross margin 36,420 32,000
Selling and administrative expenses:
Selling expenses 11,100 10,900
Administrative expenses 7,100 6,800
Total selling and administrative expenses 18,200 17,700
Net operating income 18,220 14,300
Interest expense 870 870
Net income before taxes 17,350 13,430
Income taxes 6,940 5,372
Net income 10,410 8,058
Dividends to common stockholders 200 375
Net income added to retained earnings 10,210 7,683
Beginning retained earnings 38,523 30,840
Ending retained earnings $ 48,733 $ 38,523

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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