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 company's common stock at the end of the year was $24. All of the company's sales are on account Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assets: Cash $ 1,160 $ 1,340 Accounts receivable, net 10,900 6,600 Inventory 13,800 12,200 Prepaid expenses 730 510 Total current assets 26,590 20,650 Property and equipment: Land 10,800 10,800 Buildings and equipment, net 36, 357 36, 606 Total property and equipment 47,157 47,406 Total assets $73, 747 $68,056 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $18,600 $17,700 Accrued liabilities 990 780 Notes payable, short term 110 110 Total current liabilities 19,700 18,590 Long-term liabilities: Bonds payable 9,400 9,400 Total liabilities 29, 100 27,990 Stockholders' equity: Common stock 600 600 Additional paid-in capital 4,000 4,000 Total paid-in capital 4,600 4,600 Retained earnings 40,047 35,466 Total stockholders' equity 44,647 40,866 Total liabilities and stockholders' equity $73, 747 $68,056 47,157 $73, 747 47,406 $68,056 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 liabilities: Bonds payable Total liabilities Stockholders' equity: Common stock Additional paid-in capital Total paid-in capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $18,600 990 110 19,700 $17,700 780 110 18,590 9,400 29, 100 9,400 27,990 600 4,000 4,600 40,047 44,647 $73, 747 600 4,000 4,600 35,466 40,066 $68,056 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Last Year Sales $74,375 $65,000 Cost of goods sold 48, 100 40,000 Gross margin 26,275 25,000 Selling and administrative expenses: Selling expenses 10,700 10, 100 Administrative expenses 6,600 6,500 Total selling and administrative expenses 17,300 16,600 Net operating income 8,975 8,400 Interest expense 940 940 Net income before taxes 8,035 7,460 Income taxes 3,214 2,984 Net income 4,821 4,476 Dividends to common stockholders 240 450 Net income added to retained earnings 4,581 Beginning retained earnings 4,026 35,466 31,440 Ending retained earnings $40,047 $35,466 Check my w IL LHCUCIUC LUALS Income taxes Net income Dividends to common stockholders Net income added to retained earnings Beginning retained earnings Ending retained earnings UJJ 3,214 4,821 240 4,581 35,466 $40,047 TUU 2,984 4,476 450 4,026 31,440 $35,466 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.) 5 days 1. Accounts receivable turnover 2. Average collection period 3. Inventory turnover 4. Average sale period 5. Operating cycle 6. Total asset turnover days days