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Exercise 14-3 (Algo) Financial Ratios for Asset Management [LO14-3] 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 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 this year was $29. All of the company's sales are on account. Long-term liabilities: Bonds payable Total Ilabilities Stockholders" eguity: \begin{tabular}{rr} 8,400 & 8,400 \\ \hline 28,860 & 28,480 \\ \hline \end{tabular} Common stock Additional paid-in capital Total paid-in capital Retained earnings Total stookholders' equity Total liabilities and atockholders' equity \begin{tabular}{rr} 600 & 600 \\ 4,000 & 4,000 \\ \hline 4,600 & 4,600 \\ 51,286 & 36,676 \\ \hline 55,886 & 41,276 \\ \hline$84,746 & $69,756 \\ \hline \end{tabular} Weller Corporation Comparative income Statement and Reconeiliation (dollars in thousands) Sales Cost of goods nold Gross margin Selling and administrative expentes: Se 1 ing expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes Net income Dividends to common stookholders Net income added to retained earnings Beainnina retained earninae \begin{tabular}{rr} This Year & Last Year \\ 579,050 & $66,000 \\ 35,960 & 37,000 \\ \hline 43,090 & 29,000 \\ \hline 10,900 & 10,800 \\ 6,600 & 6,800 \\ \hline 17,500 & 17,600 \\ \hline 25,590 & 11,400 \\ 840 & 840 \\ \hline 24,750 & 10,560 \\ 9,900 & 4,224 \\ \hline 14,850 & 6,336 \\ 240 & 300 \\ \hline 14,610 & 6,036 \\ 36,676 & 30,640 \end{tabular} 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. Tntal accet timnner (Rnuind unur anewer in ? derimal nlaree) 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.)