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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 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 last year and $0.40 this year. The market value of the companys common stock at the end of this year was $26. All of the companys sales are on account.

Weller Corporation Comparative Balance Sheet (dollars in thousands)
This Year Last Year
Assets
Current assets:
Cash $ 1,190 $ 1,220
Accounts receivable, net 10,000 7,100
Inventory 14,000 11,100
Prepaid expenses 620 530
Total current assets 25,810 19,950
Property and equipment:
Land 10,100 10,100
Buildings and equipment, net 42,151 36,850
Total property and equipment 52,251 46,950
Total assets $ 78,061 $ 66,900
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 20,200 $ 18,900
Accrued liabilities 960 870
Notes payable, short term 190 190
Total current liabilities 21,350 19,960
Long-term liabilities:
Bonds payable 8,500 8,500
Total liabilities 29,850 28,460
Stockholders' equity:
Common stock 600 600
Additional paid-in capital 4,000 4,000
Total paid-in capital 4,600 4,600
Retained earnings 43,611 33,840
Total stockholders' equity 48,211 38,440
Total liabilities and stockholders' equity $ 78,061 $ 66,900

Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands)
This Year Last Year
Sales $ 76,095 $ 65,000
Cost of goods sold 40,160 42,000
Gross margin 35,935 23,000
Selling and administrative expenses:
Selling expenses 11,500 10,500
Administrative expenses 6,900 6,400
Total selling and administrative expenses 18,400 16,900
Net operating income 17,535 6,100
Interest expense 850 850
Net income before taxes 16,685 5,250
Income taxes 6,674 2,100
Net income 10,011 3,150
Dividends to common stockholders 240 450
Net income added to retained earnings 9,771 2,700
Beginning retained earnings 33,840 31,140
Ending retained earnings $ 43,611 $ 33,840

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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