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Following is the balance sheet of Franklin Company for Year 3: FRANKLIN COMPANY Balance sheet Assets Cash $ 15,200 Marketable securities 7,540 Accounts receivable 13,220
Following is the balance sheet of Franklin Company for Year 3:
FRANKLIN COMPANY Balance sheet | |||
Assets | |||
Cash | $ | 15,200 | |
Marketable securities | 7,540 | ||
Accounts receivable | 13,220 | ||
Inventory | 10,550 | ||
Property and equipment | 173,500 | ||
Accumulated depreciation | (12,100 | ) | |
Total assets | $ | 207,910 | |
Liabilities and Stockholders' Equity | |||
Accounts payable | $ | 8,720 | |
Current notes payable | 3,080 | ||
Mortgage payable | 4,300 | ||
Bonds payable | 21,240 | ||
Common stock | 114,200 | ||
Retained earnings | 56,370 | ||
Total liabilities and stockholders' equity | $ | 207,910 | |
The average number of common stock shares outstanding during Year 3 was 890 shares. Net income for the year was $14,800. Required Compute each of the following: (Round your answer to 2 decimal places. For percentages, 0.2345 should be entered as 23.45.)
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