Just need #7

value 1.75 points The financial statements for Castile Products, Inc., are given below Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash $ 22,000 250,000 380,000 11,000 Accounts receivable, net Merchandise inventory Prepaid expenses Total current assets 663,000 880,000 Property and equipment, net Total assets Liabilities and Stockholders' Equity $1,543,000 Liabilities Current liabilities Bonds payable, 1296 $ 290,000 390,000 680,000 $ 150,000 Total liabilities Stockholders' equity: Common stock, $10 par value Retained earnings 713,000 863,000 $1,543,000 Total stockholders' equity Total labilities and equity Castile Products, Inc. Income Statement For the Year Ended December 31 Sales Cost of goods sold $2,800,000 1,540,000 Gross margin Selling and administrative expenses 1,260,000 570,000