The financial statements for Castile Products, Inc., are given below:

 

   

Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash.. $ 6,500 35,000 Accounts receivable, net Merchandise inventory Prepaid expenses .. 70.000 ... 3,500 115,000 Total current assets.. Property and equipment, net 185,000 $300,000 Total assets Llabilities and Stockholders' Equity Liabilities: $ 50,000 80,000 Current liabilities... Bonds payable, 10% Total liabilities .. 130.000 Stockholders' equity: 30,000 Common stock, $5 per value Retained earnings 140,000 170,000 Total stockholders' equity- Total liabilities and stockholders' equity $300,000