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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 $700,000$ 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 $$0\mathrm{.}75$ last year and $$0\mathrm{.}40$ this year. The market value of the company$$s common stock at the end of this year was $$24.$ 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 $ $1,170$ $ $1,380$

Accounts receivable, net $9,2007,100$

Inventory $12,90012,000$

Prepaid expenses $710550$

Total current assets $23,98021,030$

Property and equipment:

Land $10,30010,300$

Buildings and equipment, net $39,91937,681$

Total property and equipment $50,21947,981$

Total assets $ $74,199$ $ $69,011$

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $ $19,300$ $ $18,500$

Accrued liabilities $940730$

Notes payable, short term $190190$

Total current liabilities $20,43019,420$

Long$-$term liabilities:

Bonds payable $8,4008,400$

Total liabilities $28,83027,820$

Stockholders' equity:

Common stock $700700$

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

Total paid$-$in capital $4,7004,700$

Retained earnings $40,66936,491$

Total stockholders' equity $45,36941,191$

Total liabilities and stockholders' equity $ $74,199$ $ $69,011$

Weller Corporation

Comparative Income Statement and Reconciliation

$($dollars in thousands$)$

This Year Last Year

Sales $ $72,535$ $ $65,000$

Cost of goods sold $46,06537,000$

Gross margin $26,47028,000$

Selling and administrative expenses:

Selling expenses $10,90010,600$

Administrative expenses $7,3006,100$

Total selling and administrative expenses $18,20016,700$

Net operating income $8,27011,300$

Interest expense $840840$

Net income before taxes $7,43010,460$

Income taxes $2,9724,184$

Net income $4,4586,276$

Dividends to common stockholders $280525$

Net income added to retained earnings $4,1785,751$

Beginning retained earnings $36,49130,740$

Ending retained earnings $ $40,669$ $ $36,491$

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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