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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 $$0\mathrm{.}75$ last year and $$0\mathrm{.}40$ this year. The market value of the company$$s common stock at the end of this year was $$22.$ All of the company$$s sales are on account.

Weller Corporation

Comparative Balance Sheet

$($dollars in thousands$)$

This Year Last Year

Assets

Current assets:

Cash $ $1,140$ $ $1,340$

Accounts receivable, net $11,0007,200$

Inventory $12,90012,500$

Prepaid expenses $740600$

Total current assets $25,78021,640$

Property and equipment:

Land $9,6009,600$

Buildings and equipment, net $49,18039,484$

Total property and equipment $58,78049,084$

Total assets $ $84,560$ $ $70,724$

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $ $19,900$ $ $18,200$

Accrued liabilities $920770$

Notes payable, short term $130130$

Total current liabilities $20,95019,100$

Long$-$term liabilities:

Bonds payable $8,1008,100$

Total liabilities $29,05027,200$

Stockholders' equity:

Common stock $500500$

Additional paid$-$in capital $4,0004,000$

Total paid$-$in capital $4,5004,500$

Retained earnings $51,01039,024$

Total stockholders' equity $55,51043,524$

Total liabilities and stockholders' equity $ $84,560$ $ $70,724$

Weller Corporation

Comparative Income Statement and Reconciliation

$($dollars in thousands$)$

This Year Last Year

Sales $ $81,900$ $ $65,000$

Cost of goods sold $43,18033,000$

Gross margin $38,72032,000$

Selling and administrative expenses:

Selling expenses $10,80010,400$

Administrative expenses $6,8006,900$

Total selling and administrative expenses $17,60017,300$

Net operating income $21,12014,700$

Interest expense $810810$

Net income before taxes $20,31013,890$

Income taxes $8,1245,556$

Net income $12,1868,334$

Dividends to common stockholders $200250$

Net income added to retained earnings $11,9868,084$

Beginning retained earnings $39,02430,940$

Ending retained earnings $ $51,010$ $ $39,024$

Required:

Compute the following financial data for this year:

Accounts receivable turnover. $($Assume all sales are on account.$)$

Note: Round your answer to $2$ decimal places.

Average collection period.

Note: Use $365$ days in a year. Round your intermediate calculations and final answer to $2$ decimal places.

Inventory turnover.

Note: Round your answer to $2$ decimal places.

Average sale period.

Note: Use $365$ days in a year. Round your intermediate calculations and final answer to $2$ decimal places.

Operating cycle.

Note: Round your intermediate calculations and final answer to $2$ decimal places.

Total asset turnover.

Note: Round your answer to $2$ decimal places.

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