Castile Products, Incorporated 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, 11% Total liabilities Stockholders' equity: Common stock, $5 per value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 20,000 170,000 330,000 8,000 528,000 860,000 $ 1,388,000 $ 240,000 350,000 590,000 $ 190,000 608,000 798,000 $ 1,388,000 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%) Net income $ 2,180,000 1,240,000 940,000 650,000 290,000 38,500 251,500 75,450 $ 176,050 Castile Products, Incorporated 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, 11% Total liabilities Stockholders' equity: Common stock, $5 per value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 20,000 170,000 330,000 8,000 528,000 860,000 $ 1,388,000 $ 240,000 350,000 590,000 $ 190,000 608,000 798,000 $ 1,388,000 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%) Net income $ 2,180,000 1,240,000 940,000 650,000 290,000 38,500 251,500 75,450 $ 176,050