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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 940,000 shares of common stock were outstanding. The interest rate on the bonds, which were sold at their face value, was 12%. The income tax rate was 40% and the dividend per share of common stock was $0.40 this year. The market value of the company's common stock at the end of the year was $25. 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 Accounts receivable, net Inventory Prepaid expenses 5,304 $ 5,350 15,800 10,450 8,760 2,380 10,400 1,940 Total current assets 33,444 26,940 Property and equipment: Land Buildings and equipment, net 7,400 7,400 20,600 20,400 28,000 27,800 $ 61,444 $54,740 Total property and equipment Total assets
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