Saved Help Save & Exit Submit Submit 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 the year was $25. All of the company's sales are on account 29 This Year Last Year $ 1,200 10,900 12,400 300 25.300 $1,330 6.300 10,700 580 19.110 Meller Corporation Comparative Balance sheet dollars in thousands) Assets Current assets Cash Accounts receivable, et Inventory Prepaid expenses Total current assets Property and equipment Land buildings and equipment, bet Total property and equipment Total asset Liabiles and Stockholders' quity Current Labilities Accounts payable Accrued liabilities Notes payable, short term Total current liabilities Long-term liabilities Bionde payable total liabilities stockholdersloquity Connon stock Additional paid-in capital Total paid in capital Retained earnings 10,200 47.990 50100 183,490 10,200 37457 47.657 366,767 $19.100 1,010 210 20,670 $10,000 850 200 19,130 200 20,220 0,300 22,00 700 1.000 4.700 50.020 700 4.000 4,200 34.637 Prev 1 of 15 !!! Next > 110 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Last Year Sales $80,040 $66,000 Coat of goods sold 35,805 41.000 Cross margin 44, 235 25,000 Selling and administrative expenses Selling expenses 10,500 10,700 Administrative expenses 6,000 6.100 Total selling and administrative expenses 17.300 16.800 Het operating income 26,935 1,200 Interest expense DJO 30 Not income before taxes 26,105 7,370 Income taxes 10,442 2,948 Net Income 15,663 4.422 Dividends to common stockholders 280 525 Net Income added to retained earninga 15,303 3.89 Beginning retained earnings 34.637 30.740 Ending retained earnings $50,020 $34.637 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.)
