Balance Sheet

Assets

December $31$

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 l$$abilities

Bonds payable, $11\%$

Total liabilities

Stockholders' equity:

Common stock, $$5$ per value

Retained earnings

Total stockholders' equity

Total liabilities and stockholders' equity

Castile Products, Incorporated Income Statement

For the Year Ended December $31$

Sales

Cost of goods sold

Gross margin

Selling and administrative expenses

Net operating income

Interest expense

Net income before taxes

Income taxes $(30\%)$

Net income

$\backslash$table$[[$$$2,210,000$