Comparetive financial statements for Weller Corporation, e merchandising company for the year ending December 31 eppear 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 wes $29. All of the company's sales are on account Weller Corporation Comparative Balance sheet (dollars in thousands) This Tear Last Year $ 1,200 10,200 13,100 770 25, 270 $ 1,250 8,300 11,500 640 21,700 10,600 45,674 56.274 $ 81,544 10,600 37,554 48,154 $ 69,854 Assets Current anota: Cash Accounts receivable, net Inventory Prepaid expenses Total current aseets Froperty and equipment Land Buildings and equipment, net Total property and equipment Tatal maata Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Notes payable, sbort tem Total current liabilities Long-term liabilities: Boods payable Tatal liabilsties Stockholders' equity: Cannon stock Additional paid in capital Total paid in capital Retained carnings Total stockholders' equity Total liabilities and stockholders' equity $ 18,700 1,010 180 19,890 $ 17,900 350 180 18,930 8,600 28,490 8.500 27,530 700 4.000 4,700 48,354 53,054 $ 81,544 700 4,000 4,700 37,524 42,324 $ 69,854 Taxt Yes $ 65,000 35,000 30,000 Weller Corporation Comparative The Statent and Reconciliation dollars in thousands This Year Sales $ 83,250 Coat of goods sold 46,740 Groga margin 36,510 Selling and administrative expenses Selling expenses 20,700 Administrative expenses 6,600 Total selling and administrative wp 17,300 Net operating income 19,210 Interest expense 360 Net income before taxe IR, 350 Trcane the 7,340 Net Income 11,010 Dividends to conson atockholders 280 Net income added to retained earnings 10,730 Beginning retained carnings 37,624 Ending retained carnings $ 48,354 10,900 6.100 17,000 13,000 860 12,140 4056 7,284 200 6,584 31,040 $ 37,620 Required: Compute the following financial data for this year: 1. Accounts receiveble turnover. (Assume that all seles 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.)
