Exercise 16-10 (Algo) Financial Ratios for Assessing Market Performance [LO16-6] The financial statements for Castile Products, Incorporated, are given below: Castile Products, Incorporated Balance Sheet December 31 Assets k Current assets: Cash $ 20,000 Accounts receivable, net Merchandise inventory Prepaid expenses ht Total current assets ences Property and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: Current liabilities Bonds payable, 10% Total liabilities Stockholders' equity: Common stock, $5 per value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Castile Products, Incorporated Income Statement 180,000 320,000 8,000 528,000 830,000 $ 1,358,000 $ 250,000 340,000 590,000 $ 150,000 618,000 768,000 $ 1,358,000 For the Year Ended December 31 Sales $ 2,140,000 Cost of goods sold 1,240,000 Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (30%) 900,000 590,000 310,000 34,000 276,000 82,800