Comparative fnanclal statements for Weller Corporotion, a merchondising company, for the year ending December 31 oppear below. The company did not issue any new common stock during the year. A total or 800,000 shores of common stock were outstanding. The interest rate on the bond payable was 12%, 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, compeny's common stock at the end of this year was $18. All of the compony's sales are on account. Assets Current assets: Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Property and equipment: Land Buildings and equipment, net Total property and equipment Total assets Liabilities and stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Notes payable, short term Total current 11abilities \begin{tabular}{rr} $9,500 & $8,300 \\ 600 & 700 \\ 300 & 300 \\ \hline 1,400 & 9,300 \end{tabular} Long-term Ilabilities: Bonds payable Total 11abilities \begin{tabular}{rr} 5,000 & 5,000 \\ \hline 15,400 & 14,300 \\ \hline \end{tabular} Stockholders' equity: common stock Additional paid-in capital Total paid-in capital Retained earnings Total stockholders' equity Total 1iabilities and stockholders' equity Requlred: Compute the following financial dato for this year 1. Accounts recelvoble 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 decimat places.) 3. Inventory turnover. (Round your answer to 2 decimal places.) 4. Averoge sale period. (Use 365 days in a year. Round your Intermediate calculations and final answer to 2 declmal places.) 5. Operoting cycle. (Round your intermedlate calculations and final answer to 2 decimal places.) 6. Total asset tumover. (Round your answer to 2 decimal places.) 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 Total property and equipment Total assets \begin{tabular}{rr} $1,280 & $1,560 \\ 12,300 & 9,100 \\ 9,700 & 8,200 \\ 1,800 & 2,100 \\ \hline 25,080 & 20,960 \\ \hline 6,000 & 6,000 \\ 19,200 & 19,000 \\ \hline 25,200 & 25,000 \\ \hline$50,280 & $45,960 \\ \hline \end{tabular} Liabilities and Stockholders' Equity Current 1iabilities: Accounts payable Accrued 11abilities Notes payable, short term Total current 11abilities \begin{tabular}{rr} $9,500 & $8,300 \\ 600 & 700 \\ 300 & 300 \\ \hline 10,400 & 9,300 \end{tabular} Long-terim 1iabilities: Total Iiabilities Stockholders" equity: Coenen atock Additional paid-in capital Fotal paid-in capital ketalneel carnsngt Fetal stackhelaers" noulty Fetall Liahilities and stockibelofrs" es-ity Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands)
