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 500,000 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 $20. All of the company's sales are on account. wolter Corporation Comparative Balance sheet (dollar in thousands) This Year test your $ 1,160 9,700 13,400 710 24,970 $1,260 8,400 10,700 510 20.070 .600 44,200 53.000 $75,770 9.600 37,105 47405 $63,275 Assets Current assets Cash Accounts receivable. net Taventory Prepaid expenses Total current assets Property and equipment: Land Buildings and equipment, net Total property and equipment Total asset 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 $19,000 980 160 20.140 $19.000 730 160 19,810 9.000 29.140 3.000 20090 500 500 4.000 4.500 45.130 49.630 $78,770 4,500 34,085 39.365 $68,275 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Last Year Sales $76,000 $65,000 Cost of goods sold 40,000 41,000 Gross margin 36,000 24,000 Selling and administrative expenses: Selling expenses 10,900 Administrative expenses 10,300 6.500 6,600 Total selling and administrative expenses 17,400 16,900 Net operating income 18,600 7,100 Interest expense 900 900 Net income before taxes 17,700 6,200 Income taxes 7,080 2,480 Net income 10, 620 3,720 Dividends to common stockholders 375 375 Net income added to retained earnings 10,245 3,345 Beginning retained earnings 34,885 31,540 Ending retained earnings $45,130 $34,885 Required: Compute the following financial data and ratios for this year: 1. Working capital. (Enter your answer in thousands.) 2. Current ratio. (Round your answer to 2 decimal places.) 3. Acid-test ratio. (Round your answer to 2 decimal places.) 1. Working capital 2. Current ratio 3. Acid-test ratio