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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 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 $1.00. The market value of the companys common stock at the end of the year was $21. All of the companys sales are on account.
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 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 $1.00. The market value of the company's common stock at the end of the year was $21. All of the company's sales are on account Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assets: 1,130 1,260 Cash Accounts receivable, net 10,100 8,000 Inventory 12,400 12,400 Prepaid expenses 710 550 Total current assets 24,340 22,210 Property and equipment: Land 10,200 10,200 Buildings and equipment, net 44,084 37,712 Total property and equipment 54,284 47,912 Total assets $78,624 $70,122 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $20,200 $18,800 Accrued liabilities 1,060 710 Notes payable, short term 240 Total current liabilities 21,260 19,750 Long-term liabilities: Bonds payable 8,800 8,800 Total liabilities 30,060 28,550 Stockholders' equity 2,000 2,000 Common stock Additional paid-in capital 4,000 4,000 Total paid-in capital 6,000 6,000 Retained earnings 42,564 35,572 Total stockholders' equity 48,564 41,572 Total liabilities and stockholders' equity $78,624 $70,122Step by Step Solution
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