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, 128 Total liabilities Stockholders' equity: Common stock, $5 per value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 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 $ 21,000 170,000 370,000 8,000 569,000 830,000 $ 1,399,000 $ 210,000 380,000 590,000 $ 140,000 669,000 809,000 $ 1,399,000 $ 2,220,000 1,230,000 990,000 630,000 360,000 45,600 314,400 94,320 $ 220,080