1.66 points Exercise 16-8 (Algo) Selected Financial Ratios [LO16-2, LO16-3, LO16-4] The financial statements for Castile Products, Incorporated, are given below: Castile Products, Incorporated Balance Sheet December 31 Assets Current assets: eBook Cash $ 19,000 Print D References Accounts receivable, net Merchandise inventory Prepaid expenses Total current assets Property and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: Current liabilities Bonds payable, 9% Total liabilities Stockholders' equity: Common stock, $10 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Sales Castile Products, Incorporated Income Statement For the Year Ended December 31 Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (30%) 180,000 390,000 11,000 600,000. 860,000 $ 1,460,000 $ 240,000 310,000 550,000 $170,000 740,000 910,000 $ 1,460,000 $ 3,510,000 1,435,000 2,075,000 630,000 1,445,000 27,900 1,417,100 425, 130