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 company's common stock at the end of this year was $27. 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 Total current assets Property and equipment: Land $ 1,120 10,900 13,800 $ 1,210 6,800 11,900 760 530 26,580 20,440 10,500 10,500 Buildings and equipment, net 38,468 36,128 Total property and equipment 48,968 46,628 Total assets $ 75,548 $ 67,068 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities $ 19,000 960 $ 17,600 860 Notes payable, short term 170 170 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 20,130 18,630 9,200 9,200 29,330 27,830 700 700 4,000 4,000 4,700 4,700 41,518 34,538 46,218 39,238 Total liabilities and stockholders' equity $ 75,548 $ 67,068 Sales Cost of goods sold Gross margin Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes Net income Dividends to common stockholders Net income added to retained earnings Beginning retained earnings Ending retained earnings This Year $ 78,765 47,545 Last Year $ 66,000 42,000 31,220 24,000 10,900 10,900 7,300 6,600 18,200 17,500 13,020 6,500 920 920 12,100 5,580 4,840 2,232 7,260 3,348 280 350 6,980 34,538 2,998 31,540 $ 41,518 $ 34,538 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year $ 78,765 47,545 31,220 10,900 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes Net income Dividends to common stockholders Net income added to retained earnings Beginning retained earnings Ending retained earnings Required: Compute the following financial data for this year: Last Year $ 66,000 42,000 24,000 10,900 7,300 6,600 18,200 17,500 13,020 920 6,500 928 12,100 5,580 4,840 2,232 7,260 3,348 280 350 6,980 34,538 2,998 31,540 $ 41,518 $ 34,538 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.) 1. Accounts receivable turnover 2. Average collection period 3. Inventory turnover 4. Average sale period 5. Operating cycle 6. Total asset turnover days days days