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

Castile Products, Incorporated

Balance Sheet

December $31$

Assets

Current assets:

Cash $$21,000$

Accounts receivable, net $180,000$

Merchandise inventory $360,000$

Prepaid expenses $,11,000$

Total current assets $572,000$

Total assets

Liabilities and Stockholders' Equity

Liabilities:

Current liabilities $,$$$290,000$

Total liabilities' equity:

$\backslash$table$[[$Common stock, $$10$ per value,$$190,000$