{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T05:31:24-04:00", "answer_date": "2024-06-28 05:31:24", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4244834", "url": "\/study-help\/questions\/the-financial-statements-for-castile-products-inc-are-given-below-4244834", "question_creation_date_js": "2024-06-28T05:31:24-04:00", "question_creation_date": "Jun 28, 2024 05:31 AM", "meta_title": "[Solved] The financial statements for Castile Prod | SolutionInn", "meta_description": "Answer of - The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 | SolutionInn", "meta_keywords": "financial,statements,castile,products,inc.,below,inc,balance,sheet,december,31,assets", "question_title_h1": "The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash $ 6,500 Accounts receivable,", "question_title": "The financial statements for Castile Products, Inc., are given below: Castile Products,", "question_title_for_js_snippet": "The financial statements for Castile Products, Inc , are given below Castile Products, Inc Balance Sheet December 31 Assets Current assets Cash $ 6,500 Accounts receivable, net 35,000 Merchandise inventory 70,000 Prepaid expenses 3,500 Total current assets 115,000 Property and equipment, net 185,000 Total assets $ 300,000 Liabilities and Stockholders' Equity Liabilities Current liabilities $ 50,000 Bonds payable, 10 80,000 Total liabilities 130,000 Stockholders equity Common stock, $5 par value $ 30,000 Retained earnings 140,000 Total stockholders equity 170,000 Total liabilities and equity $ 300,000 Castile Products, Inc Income Statement For the Year Ended December 31 Sales $ 420,000 Cost of goods sold 292,500 Gross margin 127,500 Selling and administrative expenses 89,500 Net operating income 38,000 Interest expense 8,000 Net income before taxes 30,000 Income taxes (30 ) 9,000 Net income $ 21,000 Account balances at the beginning of the year were accounts receivable, $25,000 and inventory, $60,000 All sales were on account Required Compute the following financial data and ratios 1 working capital 2 current ratio 3 acid test ratio 4 debt to equity ratio 5 times interest earned ratio 6 average collection period 7 average sale period 8 operating cycle", "question_description": "
The financial statements for Castile Products, Inc., are given below:<\/p> <\/td><\/tr><\/tbody><\/table> <\/p>
|