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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 700,000 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 the year was $21. All of the companys sales are on account.

Weller Corporation Comparative Balance Sheet (dollars in thousands)
This Year Last Year
Assets
Current assets:
Cash $ 1,120 $ 1,260
Accounts receivable, net 10,800 8,300
Inventory 13,800 11,700
Prepaid expenses 670 580
Total current assets 26,390 21,840
Property and equipment:
Land 9,500 9,500
Buildings and equipment, net 49,836 39,279
Total property and equipment 59,336 48,779
Total assets $ 85,726 $ 70,619
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 19,900 $ 18,000
Accrued liabilities 1,000 800
Notes payable, short term 300 300
Total current liabilities 21,200 19,100
Long-term liabilities:
Bonds payable 8,600 8,600
Total liabilities 29,800 27,700
Stockholders' equity:
Common stock 700 700
Additional paid-in capital 4,000 4,000
Total paid-in capital 4,700 4,700
Retained earnings 51,226 38,219
Total stockholders' equity 55,926 42,919
Total liabilities and stockholders' equity $ 85,726 $ 70,619

Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands)
This Year Last Year
Sales $ 86,905 $ 65,000
Cost of goods sold 45,900 35,000
Gross margin 41,005 30,000
Selling and administrative expenses:
Selling expenses 11,100 10,700
Administrative expenses 6,900 6,100
Total selling and administrative expenses 18,000 16,800
Net operating income 23,005 13,200
Interest expense 860 860
Net income before taxes 22,145 12,340
Income taxes 8,858 4,936
Net income 13,287 7,404
Dividends to common stockholders 280 525
Net income added to retained earnings 13,007 6,879
Beginning retained earnings 38,219 31,340
Ending retained earnings $ 51,226 $ 38,219

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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