Answer Happy

Comparative financial statements for Weiler 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 $22 All of the company's sales are on account
Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Last Year Sales $ 75,000 $ 66,000 Cost of goods sold 35,000 35,000 Gross margin 40,000 31,000 Selling and administrative expenses: Selling expenses 11,200 10,300 Administrative expenses 6,700 6,900 Total selling and administrative expenses 17,900 17,200 Net operating income 22,100 13,800 Interest expense 840 840 Net income before taxes 21,260 12,960 Income taxes 8,504 5,184 Net income 12,756 7,776 Dividends to common stockholders 525 280 Net income added to retained earnings 12,231 7,496 Beginning retained earnings 38,236 30,740 Ending retained earnings $ 50,467 $ 38, 236 DAAndrad.
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.) 1. Working capital 2. Current ratio 3. Acid-test ratio
Weller Corporation Comparative Income Statement and Reconciliation (dollars in thousands) This Year Last Year Sales $ 71,000 $ 65,000 Cost of goods sold 42,000 36,000 Gross margin 29,000 29,000 Selling and administrative expenses : Selling expenses 10,800 10,400 Administrative expenses 7,200 6,100 Total selling and administrative expenses 18,000 16,500 Net operating income 11,000 12,500 Interest expense 890 890 Net income before taxes 10, 110 11,610 Income taxes 4,044 4,644 Net income 6,066 6,966 Dividends to common stockholders 240 300 Net income added to retained earnings 5,826 6,666 Beginning retained earnings 37,706 31,040 Ending retained earnings $ 43,532 $ 37,706 fices
Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year $ 1,120 10,900 12,000 730 24,750 $ 1,290 7,600 10,900 570 20,360 9,300 45,342 54,642 $ 79, 392 9,300 42,776 52,076 $ 72,436 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 $ 20,000 960 $ 18,700 860 270 19,830 20,960 8,900 29,860 8,900 28,730 2,000 4,000 6,000 43,532 49,532 $ 79,392 2,000 4,000 6,000 37,706 43,706 $ 72,436