account balances at the beginning of the year were accounts receivable 230,000 and inventory 280,000. All sales were on account.

compute the following financial data and ratios

The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash 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, 118 Total liabilities Stockholders' equity: Common stock, $5 per value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 20,000 180,000 370,000 7,000 577,000 810,000 $1,387,000 $ 240,000 370,000 610,000 $ 170,000 607,000 777,000 $1,387,000 The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash 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, 118 Total liabilities Stockholders' equity: Common stock, $5 per value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 20,000 180,000 370,000 7,000 577,000 810,000 $1,387,000 $ 240,000 370,000 610,000 $ 170,000 607,000 777,000 $1,387,000