days 1. Accounts receivable turnover 2. Average collection period 3. Inventory turnover 4. Average sale period 5. Operating cycle 6. Total asset turnover days days UURULUULO yuy Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands ) This Year Last Year Sales $72,900 $65,000 Cost of goods sold 47, 120 34,000 Gross margin 25,780 31,000 Selling and administrative expenses : Selling expenses 10,600 10,900 Administrative expenses 6,600 6,800 Total selling and administrative expenses 17,200 17,700 Net operating income 8,580 13,300 Interest expense 990 990 Net income before taxes 7,590 12,310 Income taxes 4,924 Net income 7,386 Dividends to common stockholders Net income added to retained earnings 4,314 6,786 Beginning retained earnings 37,926 31,140 Ending retained earnings $42, 240 $37,926 vallalaa 3,036 240 600 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.) 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.) 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 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 the year was $29. All of the company's sales are on account Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year $ 1,240 9,300 12,600 740 23, 880 $ 1,300 6,900 12,200 610 21,010 9,900 42,800 52,700 $76,580 9,900 40,106 50,006 $71,016 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 $17,500 $18,600 1,030 880 210 210 18,590 19,840 9,900 29,740 9,900 28,490 600 4,000 4,600 42,240 46,840 $76,580 600 4,000 4,600 37,926 42,526 $71,016
