Answer Happy

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 $21. All of the company's sales are on account.
Weller Corporation Comparative Balance Sheet (dollars in thousands) 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 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 This Year Last Year $ 1,250 $ 1,220 9,800 6,800 12,200 12,500 650 24,200 550 20,770 9,200 9,200 46, 187 55,387 39,533 48,733 $ 79,587 $ 69,503 $ 18,500 $ 18,700 760 1,050 290 19,840 290 19,750 8,200 8,200 28,040 27,950 500 500 4,000 4,000 4,500 4,500 47,047 37,053 51,547 41,553 $ 79,587 $ 69,503
Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) Sales Cost of goods sold Gross margin 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 Dividends to common stockholders Net income added to retained earnings. Beginning retained earnings Ending retained earnings This Year $ 75,530 39,520 36,010 11,200 7,000 18, 200 17,810 820 16,990 6,796 10, 194 200 9,994 37,053 $ 47,047 Last Year $ 65,000 36,000 29,000 10,700 6,500 17,200 11,800 820 10,980 4,392 6,588 375 6,213 30,840 $ 37,053
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.) 1. Accounts receivable turnover 2. Average collection period days 3. Inventory tumover 4. Average sale period days 5. Operating cycle days 6. Total asset turnover