Question
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet Assets Current assets: Cash December 31 Accounts receivable, net
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet Assets Current assets: Cash December 31 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, 9% Total liabilities Stockholders' equity: Common stock, $5 per value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Castile Products, Inc. Income Statement For the Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes $ 21,000 200,000 330,000 6,000 557,000 880,000 $1,437,000 $ 210,000 340,000 550,000 180,000 707,000 887,000 $1,437,000 $2,150,000 1,230,000 920,000 610,000 310,000 30,600 279,400
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