| 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 bonds, which were sold at their face value, was 10%. The income tax rate was 40% and the dividend per share of common stock was $0.40 this year. The market value of the companys common stock at the end of the year was $24. All of the companys sales are on account. 
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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 stock during the year. A total of 500,000 shares of common stock were outstanding. The interest rate on the bonds, which were sold at their face value, was 10%. 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 $24. All of the pompany'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 $ 1,240 9.200 13,300 710 $ 1.270 7.600 12,300 660 Total current assets 24,450 21,830 Property and equipment: Land Buildings and equipment, net 9,600 43,416 9,600 37,856 53,016 47,458 Total property and equipment Total assets $77,466 $ 69,286 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Notes payable, short term Total current liabilities Long-term liabilities: Bonds payable $18,600 940 280 $ 17,800 850 280 19,820 18,930 8.900 8.900 Total liabilities 28,720 27,830 Stockholders' equity: Common stock Additional paid-in capital 600 4,000 600 4,000 Total paid-in capital Retained earnings 4,600 44,146 4,600 36.856 Total stockholders' equity 48,746 41,456 Total liabilities and stockholders' equity $77,468 $ 69,286 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Last Year Sales $74,760 $ 66,000 Cost of goods sold 43,520 37,000 Gross margin 31,240 29,000 Selling and administrative expenses: Selling expenses Administrative expenses 10.900 6.900 10,600 6,900 17,800 17.500 Total selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes 13,440 890 11,500 890 12.550 5,020 10.610 4,244 Net income Dividends to common stockholders 7,530 240 6,366 450 7,290 36,856 5,916 30,940 Net income added to retained earnings Beginning retained earnings Ending retained earnings $44,146 $ 36,858 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.) Accounts receivable turnover 2. Average collection period. (Use 365 days in a year. Round your intermediate calculations and final answer to 2 decimal places.) Average collection period days 3. Inventory turnover. (Round your answer to 2 decimal places.) Inventory turnover 4. Average sale period. (Use 365 days in a year. Round your intermediate calculations and final answer to 2 decimal places.) Average sale period days 5. Operating cycle. (Round your intermediate calculations and final answer to 2 decimal places.) Operating cycle days 6. Total asset turnover. (Round your answer to 2 decimal places.) Total asset turnover
