Land 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 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 was $22. 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 $ 1,280 $ 1,360 Accounts receivable, net 9,880 7,18 Inventory 13,180 18,780 Prepaid expenses 880 550 Total current assets 24,989 19, 710 Property and equipment: 9,000 9, eee Buildings and equipment, net 48,312 42,625 Total property and equipment 57,312 51,625 Total assets $82,292 $71,335 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $19, 280 $18,080 Accrued liabilities 1,840 870 Notes payable, short term 13e 130 Total current liabilities 29,370 19,80 Long-term liabilities: Bonds payable 9,000 9,000 Total liabilities 29,370 28,888 Stockholders' equity: Common stock 780 780 Additional paid-in capital 4,080 4,080 Total paid-in capital 4,780 4,780 Retained earnings 48,222 38,635 Total stockholders' equity 52,922 43, 335 Total liabilities and stockholders' equity $82, 292 $71,335 Last Year $65, eee 34,00 31,eee Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Sales $76,895 Cost of goods sold 41,650 Gross margin 35,245 Selling and administrative expenses: Selling expenses 11,480 Administrative expenses 6,500 Total selling and administrative expenses 17,980 Net operating income 17,345 Interest expense 980 Net income before taxes 16,445 Income taxes 6,578 Net income 9,867 Dividends to common stockholders 280 Net income added to retained earnings 9,587 Beginning retained earnings 38,635 Ending retained earnings $48, 222 10,680 6,380 16,900 14,180 980 13,280 5,280 7,920 525 7,395 31, 240 $38,635 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 Intermedlate calculations and final answer to 2 decimal places.) 3. Inventory turnover. (Round your answer to 2 decimal places.) 4. Average sale period. (Use 385 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.) 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 Screenshot The screens OneDrive. OneDrive
