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Exercise 16-3 (Algo) Financial Ratios for Asset Management [LO16-3] 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 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 $28. All of the company's sales are on account. This Year Last Year $ 1,130 10,200 13,800 770 25,900 $ 1,290 7,600 11,900 670 21,460 Weller Corporation Comparative Balance Sheet (dollars in thousanda) Assots Current assets: Cash Accounts receivable, not Inventory Prepaid expenses total current assets Property and equipment: Land Buildings and equipment, net Total property and equipment Sotal assets Liabilities and Stockholders' Equity Curront liabilities: Accounts payable Acorded liabilities Notos payable, short term Total current liabilities Long-term Liabilities: Donds payable Hotel Liabaaitien Stockholders equity: Common stock Additional paid-in capital Total paid-an capital Retained earnings 9,100 46, 462 55,567 $81,467 9,100 37,618 46,718 $69,178 $19,600 940 110 20,650 $10,200 870 110 19, 180 9,200 29,850 9.200 20,380 700 4.000 4.700 46.917 700 4.000 4.700 35.098 Prey 2 of 9 Next > Common stock Additional paid-in capital Total paid-in capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 700 4,000 4,700 46,917 51,617 $81,467 700 4,000 4,700 35,098 39,298 $68, 178 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) Sales This Year Last Year Cout of goods sold $83,660 $65,000 44,975 Grons margin 40,000 38,685 Selling and administrative expenses 25,000 Selling expenses 11,100 10,400 Administrative expenses 6,500 6,500 Total selling and administrative expenses 17,600 16,900 Net operating income 22,085 8,100 Interest expense 920 920 Not Income before taxes 20.165 7,180 Income taxes 8,066 2,872 Net income 12,099 4, 308 280 350 Dividends to common stockholders Net income added to retained earningo 11,819 3,958 35,098 31,140 Beginning retained earninga $46,917 $35,098 Ending retained earnings 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.) 44,975 38,685 40.00 25,000 Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Not income before taxes Income taxes Net income Dividends to common stockholders Net income added to retained earnings Beginning retained earnings Ending retained earnings 11,100 6,500 17.600 21,085 920 20,165 8,066 12,099 280 11,819 35,098 $ 46,917 10,400 6,500 16,900 6,100 920 7,180 2,872 4,308 350 3,958 31,140 $35,098 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.) days 1 Accounts receivable turnover 2 Average collection period 3 Inventory turnover 4 Average sale period 5. Operating cyclo 6. Total asset turnover days days ono