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can you do this for me please, because I'm having a problem with the 2 wrong ones. The financial statements for Castile Products, Inc., are
can you do this for me please, because I'm having a problem with the 2 wrong ones.
The financial statements for Castile Products, Inc., are given below Castile Products, Inc. Balance Sheet December 31 Current assets: Cash 19,000 260,000 320,000 12,000 611,800 900,000 Accounts receivable, net Merchandise inventory Prepaid expenses Total current assets Property and equipment, net Total assets Liabilities and Stockholders Equity Liabilities: $1,511,0e0 s 270,000 370,800 640,000 Current liabilities Bonds payable, 10% Total liabilities Stockholders' equity: Common stock, $5 par value Retained earnings s 110,000 761,006 871,006 $1,511,000 Total stockholders' Total liabilities and stockholders' equity equity Castile Products, Inc. Income Statement For the Year Ended December 31 $2,120,000 1,180,000 940,000 640,080 30e,800 37,000 263,000 78,900 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 184,100 Account balances at the beginning of the year were: accounts receivable, $160,000; and inventory, $300,000. All sales were on account. Assets at the beginning of the year totaled $1,000,000, and the stockholders' equity totaled $655,000 Account balances at the beginning of the year were: accounts receivable, $160,000, and inventory, $300,000. All sales were on account. Assets at the beginning of the year totaled $1,000,000, and the stockholders' equity totaled $655,000 Required: Compute the following: (For Requirements 1 to 4, enter your percentage answers rounded to 2 decimal places (i.e.. 0.1234 should be entered as 12.34).) 1. Gross margin percentage 2. Net profit margin percentage 3 Return on total assets. 4. Return on equity 5. Was financial leverage positive or negative for the year? 44340% 8680 % 12 180% 1 2 3. 4 Return on equity 5. Financial Leverage Gross margin percentage Net profit margin percentage Return on total assets 21 14 % PositiveStep by Step Solution
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