Exercise 13-8 Selected Financial Ratios [LO13-2, LO13-3, LO13-4 The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash Accounts receivable, net Merchandise inventory $ 20,000 210,000 390,000 8,000 Prepaid expenses Total current assets Property and equipment, net 628,000 870,000 Total assets $1,498,000 Liabilities and Stockholders' Equity Liabilities $ 250,000 Current liabilities Bonds payable, 8% 330,000 580,000 $ 160,000 Total liabilities Stockholders' equity Common stock, $10 par value Retained earnings 758,000 918,000 $1,498,000 Total stockholders' equity Total liabilities and equity