Hello, I need help with this question. Please help me solve it. I have included the complete question below. This question has (2) parts, please take a look at the question below.
Comparative nancial 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. Atotal of 700,000 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 $23. All of the company's sales are on account. Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assets: Cash $ 1.140 $ 1.250 Accounts receivable, net 10,600 7,600 Inventory 13,800 11,400 Prepaid expenses 700 570 Total current assets 26.240 20.820 Property and equipment: Land 10.300 10.300 Buildings and equipment, net 47.539 35,619 Total property and equipment 57.839 45,919 Total assets $84,079 $66,739 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $20,300 $18,600 Accrued liabilities 1,030 860 Notes payable. short term 110 110 Total current liabilities 21.440 19.570 Long-term liabilities: Bonds payable 8,100 8.100 Total liabilities 29,540 27,670 Stockholders' equity: Common stock 700 700 Additional paid-in capital 4.000 4.000 Total paid-in capital 4,700 4.700 Retained earnings 49.839 34,369 Total stockholders' equity 54.539 39,069 Total liabilities and stockholders' equity $84,079 $66,739 Weller Corporation Comparalive Income Statement and Reconciliation (dollars in thousands) This Year Last Year Sales $83,720 $65,000 Cost of goods sold 39.060 41.000 Gross margin 44,660 24,000 Selling and administrative expenses: Selling expenses 10.800 10.300 Administrative expenses 6.800 6.800 Total selling and administrative expenses 17.600 17,100 Net operating income 27.060 6.900 Interest expense B10 B10 Net income before taxes 26,250 6,090 Income taxes 10,500 2,436 Net income 15,750 3,654 Dividends to common stockholders 260 525 Net income added to retained earnings 15.470 3.129 Beginning retained earnings 34,369 31,240 Ending retained earnings $49,839 $34,369 Required: Compute the following nancial 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.) -I 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.) _I 5. Operating cycle. (Round your intermediate calculations and final answer to 2 decimal places.) _I 6. Total asset turnover. (Round your answer to 2 decimal places.)
