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 decinal places.) 6. Total asset turnover (Round your answer to 2 decimal places.) Answer is complete but not entirely correct. 1. Accounts receivable turnover 9.11% 2 Average collection period 40 07 days 3. Inventory turnover 280 4 Average sale period 130 36 days 5 Operating cycle 170 43 days 6 Total asset tumover 1.52 X Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year $ 1,150 10,800 12,700 760 25, 410 $ 1,320 8,300 11,900 510 22,030 10, 700 52,520 63,220 $ 88,630 10,700 36,850 47,550 $ 69,589 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 $ 19,000 1,000 250 20,250 $ 18,700 760 250 19, 710 9,500 29,750 9,500 29, 210 600 4,000 4,600 54,280 58,888 $ 88,630 600 4,088 4,600 35,270 40,370 $ 69,580 Last Year $ 64,000 36,000 28,000 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Sales $ 84,040 Cost of goods sold 34,440 Gross margin 49,600 Selling and administrative expenses: Selling expenses 10,600 Administrative expenses 6,800 Total selling and administrative expenses 17,400 Net operating income 32,200 Interest expense 950 Net income before taxes 31,250 Income taxes 12,500 Net income 18,750 Dividends to common stockholders 240 Net income added to retained earnings 18,510 Beginning retained earnings 35,770 Ending retained earnings $ 54,280 10,600 6,900 17,500 10,500 95e 9,550 3,820 5,730 600 5,138 30,640 $ 35, 770 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.)
