Comparative financial statements for Weller Corporation, a merchandising company, for the fiscal year ending December 31 appear below The company did not issue any new common stock during the year A total of 600,000 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 The market value of the companys common stock at the end of the year was $21 All of the companys sales are on account 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 ) Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assets 1,280 1,340 Cash 7,400 Accounts receivable, net 10,000 Inventory 12,600 12,100 Prepaid expenses 660 660 Total current assets 24,540 21,500 Property and equipment Land 9,100 9,100 Buildings and equipment, net 47,210 37,896 Total property and equipment 56,310 46,996 Total assets $80,850 $68,496 Liabilities and Stockholders' Equity Current liabilities Accounts payable $20,000 19,200 Accrued liabilities 920 790 Notes payable, short term 130 130 Total current liabilities 21,050 20,120 Long term liabilities Bonds payable 8,900 8,900 Total liabilities 29,950 29,020 Stockholders' equity Common stock 600 600 Additional paid in capital 4,000 4,000 Total paid in capital 4,600 4,600 Retained earnings 46,300 34,876 Total stockholders' equity 50,900 39,476 Total liabilities and stockholders' equity $80,850 $68,496

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Comparative financial statements for Weller Corporation, a merchandising company, for the fiscal year ending December 31 appear below. The company did not issue any new

Comparative financial statements for Weller Corporation, a merchandising company, for the fiscal year ending December 31 appear below. The company did not issue any new common stock during the year. A total of 600,000 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. The market value of the companys common stock at the end of the year was $21. All of the companys sales are on account.

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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.)

Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assets: 1,280 1,340 Cash 7,400 Accounts receivable, net 10,000 Inventory 12,600 12,100 Prepaid expenses 660 660 Total current assets 24,540 21,500 Property and equipment Land 9,100 9,100 Buildings and equipment, net 47,210 37,896 Total property and equipment 56,310 46,996 Total assets $80,850 $68,496 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $20,000 19,200 Accrued liabilities 920 790 Notes payable, short term 130 130 Total current liabilities 21,050 20,120 Long-term liabilities: Bonds payable 8,900 8,900 Total liabilities 29,950 29,020 Stockholders' equity: Common stock 600 600 Additional paid-in capital 4,000 4,000 Total paid-in capital 4,600 4,600 Retained earnings 46,300 34,876 Total stockholders' equity 50,900 39,476 Total liabilities and stockholders' equity $80,850 $68,496