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 $27. All of the company's sales are on account Neller Corporation Comparative Balance Sheet (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 $ 1,190 10,300 12,900 520 25,010 $ 1,350 8,100 11,500 630 21,580 9. See 46,154 55,654 $80,664 9,5ee 39194 48,694 $70,274 620 25,010 630 21,580 9,500 46,154 55,654 $80,664 9,500 39,194 48, 694 $70, 274 11VILIY 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 $20,200 950 140 21, 290 $17,700 880 140 18,720 8,600 29,890 8,600 27,320 700 4,000 4,700 46,074 50,774 $80,664 700 4,000 4,700 38,254 42,954 $70, 274 Last Year $66,000 35,000 31,000 Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Sales $79,120 Cost of goods sold 46, 360 Gross margin 32,760 Selling and administrative expenses: Selling expenses 11, 300 Administrative expenses 7,100 Total selling and administrative expenses 18,400 Net operating income 14, 360 Interest expense 860 Net income before taxes 13,500 Income taxes 5,400 Net income 8,100 Dividends to common stockholders 280 Net income added to retained earnings 7,820 Beginning retained earnings 38,254 Ending retained earnings $46,074 10,900 6,300 17,200 13,800 860 12,940 5, 176 7,764 350 7,414 30, 840 $38,254 Check my work 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 tumover 4. Average salo period 5. Operating cyclo 6. Total asset turnover days days