Assets Current assets: Cash Castile Products, Incorporated Balance Sheet December 31 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, 10% $ 22,000 220,000 380,000 10,000 632,000 840,000 $ 1,472,000 Total liabilities Stockholders' equity: Common stock, $10 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 200,000 360,000 560,000 $ 120,000 792,000 912,000 $ 1,472,000