Question: hapter Thirteen Help Save & Exit Submit Check my work The December 31, Year 4, balance sheet for Franklin Corporation is presented here. These are

hapter Thirteen Help Save & Exit Submit Check my work The December 31, Year 4, balance sheet for Franklin Corporation is presented here. These are the only accounts on Franklin's balance sheet. Amounts indicated by question marks (7) can be calculated using the following additional information FRANKLIN CORPORATION Balance Sheet. As of December 31, Year 4 Assets Cash $32.000 Accounts receivable (net) Inventory Property, plant, and equipent (net) 319,00 $442,000 Llabilities and stockholders' Equity Accounts payable (trade) > Income taxes payable (current) 32,000 Long-term debt Common stock 316,000 Retained earnings 5 7 Adational Information Current ratio (at year end) Total liabilities + Total stockholders' equity Gross margin percentage Inventory turnover (Cost of goods sold + Ending Inventory) Gross margin for Year 4 1.5 to 1.0 2013 40X 10.5 times $350,000

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