The financial statements for Castile Products, Incorporated are given below:

Castile Products, Incorporated

Balance Sheet

December $31$

Assets

Current assets:

Cash $ $20,000$

Accounts receivable, net $160,000$

Merchandise inventory $340,000$

Prepaid expenses $7,000$

Total current assets $527,000$

Property and equipment, net $880,000$

Total assets $ $1,407,000$

Liabilities and Stockholders' Equity

Liabilities:

Current liabilities $ $300,000$

Bonds payable, $11\%390,000$

Total liabilities $690,000$

Stockholders$$ equity:

Common stock, $$5$ per value $ $150,000$

Retained earnings $567,000$

Total stockholders$$ equity $717,000$

Total liabilities and stockholders$$ equity $ $1,407,000$

Castile Products, Incorporated

Income Statement

For the Year Ended December $31$

Sales $ $2,140,000$

Cost of goods sold $1,200,000$

Gross margin $940,000$

Selling and administrative expenses $620,000$

Net operating income $320,000$

Interest expense $42,900$

Net income before taxes $277,100$

Income taxes $(30\%)83,130$

Net income $ $193,970$

Account balances at the beginning of the year were: accounts receivable, $$160,000$; and inventory, $$340,000.$ All sales were on account. Assets at the beginning of the year totaled $$1,010,000,$ and the stockholders$$ equity totaled $$665,000.$

Compute the following:

Return on total assets.