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, $10 per value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 23,000 250,000 330,000 7,000 610,000 900,000 $ 1,510,000 $ 270,000 310,000 580,000 $ 150,000 780,000 930,000 $ 1,510,000