Question: Exercise 15: Franklin Ltd., a gift store, reported the following amounts in its 2023 financial statements. The 2022 figures are given for comparison. 1. Determine

Exercise 15: Franklin Ltd., a gift store, reported the following amounts in its 2023 financial statements. The 2022 figures are given for comparison. 1. Determine whether Franklin Ltd.'s acid-test ratio improved or deteriorated from 2022 to 2023. How does Franklin Ltd.'s acid-test ratio compare with the industry average of 0.90? 2. Compare the days' sales in receivables measure for 2023 with the company's credit terms of net 30. What action, If any, should Franklin Ltd. take

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