The financial statements for Castile Products, Incorporated, are given below: Castile Products, Incorporated Balance Sheet December 31 Assets Current assets: $ 22,000 160,000 380,000 11,000 573,000 Cash Accounts receivable, net Merchandise inventory Prepaid expenses Total current assets 820,000 $ 1,393,000 Property and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: $ 260,000 370,000 630,000 Current liabilities Bonds payable, 11% Total liabilities Stockholders' equity: Common stock, $10 par value Retained earnings Total stockholders' equity $ 110,000 653,000 763,000 Total liabilities and stockholders' equity $ 1,393,000

The financial statements for Castile Products, Incorporated, are given below: Castile Products, Incorporated Balance Sheet December 31 Assets Current assets: $ 22,000 160,000 380,000 11,000 573,000 Cash Accounts receivable, net Merchandise inventory Prepaid expenses Total current assets 820,000 $ 1,393,000 Property and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: $ 260,000 370,000 630,000 Current liabilities Bonds payable, 11% Total liabilities Stockholders' equity: Common stock, $10 par value Retained earnings Total stockholders' equity $ 110,000 653,000 763,000 Total liabilities and stockholders' equity $ 1,393,000

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 4PB

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