YU Guest Home - Ma X o Mail - Hogge, Suz X ] Conversation Det X | W12 Homework: X Question 4 - W12 X illi Inbox x Mosiah 18 X i Gross Profit Marg X + V X C A https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%252Fmh... @ Update M Gmail BYU-Idaho x Guest | BYU-Idaho's... w VMock Dashboard VitalSource Booksh... 1-Learn willin Class Voice Thread:. will W05 Quiz: Introduc... Q ACCT 1B Flashcards.. W12 Homework: Chapter 14-2 i Saved Help Save & Exit Submit Check my work 4 December 31 Assets Current assets: Cash $ 22,000 Accounts receivable, net 250, 000 20 Merchandise inventory 320, 000 Prepaid expenses 12, 000 points Total current assets 504, 000 Property and equipment, net 890,000 Total assets $ 1, 494, 000 Liabilities and Stockholders' Equity Book Liabilities: Current liabilities $ 220,000 Bonds payable, 9% 330,000 Total liabilities 550,000 Print Stockholders' equity: Common stock, $5 per value $ 100, 000 Retained earnings 844,000 Total stockholders' equity 944, 000 References Total liabilities and stockholders' equity $ 1, 494, 000 Castile Products, Incorporated Income Statement For the Year Ended December 31 Sales $ 2, 130, 000 Cost of goods sold 1, 210, 000 Gross margin 920, 000 Selling and administrative expenses 590, 000 Net operating income 330, 000 Interest expense 29, 700 Net income before taxes 300, 300 Income taxes (30%) 90 , 090 Net income $ 210, 210 Account balances at the beginning of the year were: accounts receivable, $150,000; and inventory, $350,000. All sales were on account. Assets at the beginning of the year totaled $1,080,000, and the stockholders' equity totaled $715,000. Required: Mc Graw Hill 43.F K ENG ~ () D 4:31 PM Wind Search 12/1/2022 2