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.) 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.) Answer is not complete. 1 8.50 days 2 3 4. 5 6 Accounts receivable tumover Average collection period Inventory tumover Average sale period Operating cycle Total asset tumover 42.94 3.00 121.67 days days (dollars in thousands ) This Year Last Year $ 1,160 9,000 13,800 730 24,690 $ 1,400 8,100 12,300 650 22,450 10,400 46,843 57,243 $81,933 10,400 37,434 47,834 $70,284 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 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 Total liabilities and stockholders' equity $20, 300 950 100 21,350 $17,600 870 100 18,570 9,100 30,450 9,100 27,670 500 4,000 4,500 46,983 51,483 $81,933 500 4,000 4,500 38, 114 42,614 $70,284 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Last Year Sales $72,675 $66,000 Cost of goods sold 39,150 36,000 Gross margin 33,525 30,000 Selling and administrative expenses : Selling expenses 10,500 10,100 Administrative expenses 7,000 6.700 Total selling and administrative expenses 17,500 16,800 Net operating income 16,025 13,200 Interest expense 910 910 Net income before taxes 15, 115 12,290 Income taxes 6,046 4,916 Net income 9,069 7.374 Dividends to common stockholders 200 500 Net income added to retained earnings 8,869 6,874 Beginning retained earnings 38 114 31,240 Ending retained earnings $46,983 $38, 114 Exercise 14-3 Financial Ratios for Asset Management (L014-3) 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 nterest 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 wear and $0.40 this year. The market value of the company's common stock at the end of the year was $22. All of the company's sales are on account Weiter Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assetan Cash $ 1,160 $ 1.400 Accounts receivable, net 9,000 8,100 Inventory 13,800 12,300 Prepaid expenses 730 650 Total current assets 22,450 Property and equipment Land 10,400 10,400 Buildings and equipment, net 46.843 37, 434 Total property and equipment 47,834 Total asset $81,933 $70,284 Liabilities and stockholders' Equity Current liabilities Accounts payable $20,300 $17.600 Accrued liabilities 950 870 Notes payable, short term 100 100 Total current liabilities 21350 10,570 Long-term liabilities: Bonds payable 9.100 9.100 Total liabilities J0X50 27/670 Stockholders' equity Common stock 500 500 Additional paid-in capital 4.000 4.000 Total paid-in capital 4,500 4,500 Retained earnings 46,983 38, 114 Total stockholders' equity 51, 483 42/614 Total liabilities and stockholders' equity $81,933 $ 70,284 Waltar Corneration