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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.
Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Property and equipment: Land Buildings and equipment, net Total property and equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Notes payable, short term Total current liabilities Long-term 1iabilities: Bonds payable Total liabilities Stockholders' equity: Common stock Additional paid-in capital Total paid-in capital Retained earnings Total stockholders' equity Total 1iabilities and stockholders' equity \begin{tabular}{rr} $1,160 & $1,360 \\ 9,100 & 8,400 \\ 13,600 & 11,800 \\ 790 & 520 \\ \hline 24,650 & 22,080 \\ \hline 9,100 & 9,100 \\ 47,201 & 37,110 \\ \hline 56,301 & 46,210 \\ \hline$80,951 & $68,290 \\ \hline \end{tabular} \begin{tabular}{rr} $20,400 & $17,500 \\ 1,070 & 730 \\ 290 & 290 \\ \hline 21,760 & 18,520 \end{tabular} \begin{tabular}{rr} 9,500 & 9,500 \\ \hline 31,260 & 28,020 \\ \hline \end{tabular} \begin{tabular}{rr} \hline & 28,020 \\ 500 & 500 \\ 4,000 & 4,000 \\ \hline 4,500 & 4,500 \\ 45,191 & 35,770 \\ \hline 49,691 & 40,270 \\ \hline$80,951 & $68,290 \\ \hline \end{tabular} Required: Compute the following financial data for this year: Accounts recelvable 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.) 7. 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.) 5. Total asset turnover. (Round your answer to 2 decimal places.) 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 company's common stock at the end of this year was $21. All of the company's sales are on account.
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