solve part 8 The financial statements for Castile Products, Incorporated, are given below:Castile Products, IncorporatedBalance SheetDecember 31AssetsCurrent assets:CashAccounts receivable, netMerchandise inventoryPrepaid expensesTotal current assetsProperty and equipment, netTotal assetsLiabilities and Stockholders' EquityLiabilities:Current liabilitiesBonds payable, 12%Total liabilitiesStockholders' equity:Common stock, $5 par valueRetained earningsTotal stockholders' equityTotal liabilities and stockholders' equity$ 18,000240,000340,00012,000610,000880,000$ 1,490,000$ 290,000350,000640,000$ 100,000750,000850,000$ 1,490,000 Castile Products, IncorporatedIncome StatementFor the Year Ended December 31SalesCost of goods soldGross marginSelling and administrative expensesNet operating incomeInterest expenseNet income before taxesIncome taxes (30%)Net income$ 4,300,0001,248,000Required:Compute the following financial data and ratios:3,052,000590,0002,462,00042,0002,420,000726,000$ 1,694,000Account balances at the beginning of the year were: accounts receivable, $190,000; and inventory, $300,000. All sales were onaccount.1. Working capital.2. Current ratio. (Round your answer to 1 decimal place.)3. Acid-test ratio. (Round your answer to 2 decimal places.)4. Debt-to-equity ratio. (Round your answer to 2 decimal places.)5. Times interest earned ratio. (Round your answer to 2 decimal places.)6. Average collection period. (Use 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.)7. Average sale period. (Use 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.)8. Operating cycle. (Use 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.)

Ratio Analysis -The ratio is the technique used by the prospective investor or an individual or…

The financial statements for Castile Products, Incorporated, are given below: Castile Products, Incorporated Balance Sheet December 31 Assets Current assets: Cash Accounts receivable, net Merchandise inventory Prepaid expenses Total current assets Property and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: Current liabilities Bonds payable, 12% Total liabilities Stockholders' equity: Common stock, $5 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 18,000 240,000 340,000 12,000 610,000 880,000 $ 1,490,000 $ 290,000 350,000 640,000 $ 100,000 750,000 850,000 $ 1,490,000

The financial statements for Castile Products, Incorporated, are given below: Castile Products, Incorporated Balance Sheet December 31 Assets Current assets: Cash Accounts receivable, net Merchandise inventory Prepaid expenses Total current assets Property and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: Current liabilities Bonds payable, 12% Total liabilities Stockholders' equity: Common stock, $5 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 18,000 240,000 340,000 12,000 610,000 880,000 $ 1,490,000 $ 290,000 350,000 640,000 $ 100,000 750,000 850,000 $ 1,490,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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%24 2 Project: Company Accour X DZL. 7-1 Problem Set: Module Sev X CengageNOWv2 | Online tea x Cengage Learning +| x ow.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker%3&takeAssignmentSessionLocator3&inprogress%3Dfalse eBook Show Me How Horizontal Analysis The comparative accounts payable and long-term debt balances for a company follow. Current Year Previous Year Accounts payable $40,964 $41,800 Long-term debt 45,594 44,700 Based on this information, what is the amount and percentage of increase or decrease that would be shown on a balance sheet with horizontal analysis? Enter all answers as positive numbers. Amount of Change Increase/Decrease Percentage Accounts payable Decrease Increase Long-term debt Check My Work Calculate the change in the amount and divide by the base (older) year amount to determine the horizontal analysis percentages. Previous Check My Work 3:12 PM dp SU prt sc 144 114
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