Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) Sales Cost of goods sold Gross margin This Year Last Year Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes Net income \begin{tabular}{rr} $79,000 & $74,000 \\ 52,000 & 48,000 \\ \hline 27,000 & 26,000 \\ \hline \end{tabular} Dividends to common stockholders Net income added to retained earnings Beginning retained earnings Ending retained earnings \begin{tabular}{rr} 8,500 & 8,000 \\ 12,000 & 11,000 \\ \hline 20,500 & 19,000 \\ \hline 6,500 & 7,000 \\ 600 & 600 \\ \hline 5,900 & 6,400 \\ 2,360 & 2,560 \\ \hline 3,540 & 3,840 \\ 320 & 600 \\ \hline 3,220 & 3,240 \\ 26,660 & 23,420 \\ \hline$29,880 & $26,660 \end{tabular} 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 800,000 shares of common stock were outstanding. The interest rate on the bond payable was 12%, 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 $18. All of the company's sales are on account. Required: Compute the following financial data and ratios for this year: 1. Working capital. (Enter your answer in thousands.) 2. Current ratio. (Round your answer to 2 decimal places.) 3. Acid-test ratio. (Round your answer to 2 decimal places.) (x) Answer is complete but not entirely correct. (dollars in thousands) This Year Last Year 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 \begin{tabular}{rr} $1,280 & $1,560 \\ 12,300 & 9,100 \\ 9,700 & 8,200 \\ 1,800 & 2,100 \\ \hline 25,080 & 20,960 \\ \hline \end{tabular} Long-term liabilities: Bonds payable Total liabilities Stockholders' equity: Common stock Additional paid-in capital Total paid-in capital \begin{tabular}{rr} 6,000 & 6,000 \\ 19,200 & 19,000 \\ \hline 25,200 & 25,000 \\ \hline$50,280 & $45,960 \end{tabular} Retained earnings Total stockholders' equity Total liabilities and stockholders' equity \begin{tabular}{rr} $9,500 & $8,300 \\ 600 & 700 \\ 300 & 300 \\ \hline 10,400 & 9,300 \end{tabular} \begin{tabular}{rr} 5,000 & 5,000 \\ \hline 15,400 & 14,300 \\ \hline \end{tabular} \begin{tabular}{rr} 800 & 800 \\ 4,200 & 4,200 \\ \hline 5,000 & 5,000 \\ 29,880 & 26,660 \\ \hline 34,880 & 31,660 \\ \hline$50,280 & $45,960 \end{tabular}