Retained earnings Total stockholders' equity 39,080 43,580 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 500,000 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 $23. All of the company's sales are on account 52,824 57,324 Total liabilities and stockholders' equity$87,624 S71,780 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Last Year $80,040 $65,000 33,000 37,800 42,240 32,000 Sales Weller Corporation Comparative Balance Sheet (dollars in thousands) Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses 18,100 Net operating income Interest expense This Year Last Year 11,300 6,800 10,000 6,700 16,700 15,300 900 Assets Current assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets S 1,260 1,400 10,600 13,800 630 7,800 24,140 900 11,400 570 Net income before taxes 23,240 9,296 14,400 5,760 21,170 Income taxes 26,290 Net income Dividends to common stockholders Property and equipment: Land 13,944 200 8,640 500 10,000 10,000 40,610 51,334 61,334 50,610 $87,624 $71,780 Buildings and equipment, net Total property and equipment Net income added to retained earnings Beginning retained earnings 13,744 39,080 8,140 30,940 Total assets $52,824 $39,080 Ending retained earnings Liabilities and Stockholders' Equity Current liabilities Accounts payable Accrued liabilities Notes payable, short term $20,100 $18,200 1,080 120 880 120 Total current liabilities 21,300 19,200 Long-term liabilities: Bonds payable 9,000 30,300 9,000 28,200 Total liabilities Stockholders' equity Common stock Additional paid-in capital Total paid-in capital 500 500 4,000 4,500 4,000 4,500 1. Accounts receivable turnover 2. Average collection period 3. Inventory turnover Average sale period 5 Operating cycle days days days 6. Total asset turnover