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CASTILLO PRODUCTS COMPANY IncomeStatementNetSalesCostofGoodsSoldGrossProfitMarketingGeneral&AdministrativeDepreciationEBITInterestEarningsBeforeTaxesIncomeTaxes2015$900,000960,00054,00090,000250,00040,00020,00045,00065,0000$65,0002016$1,500,000600,000900,000150,000250,00040,000160,00060,000100,00025,000$75,000 \begin{tabular}{lrr} Balance Sheet & 2015 & 2016 \\ \hline Cash & $55,000 & $20,000 \\ Accounts Receivables & 200,000 & 280,000 \\ Inventories & 400,000 & 500,000 \\ Total Current Assets & 655,000 & 800,000 \\ Gross Fixed Assets & 450,000 & 540,000 \\ Accumulated Depreciation & 100,000 & 140,000 \\ Net Fixed Assets & 400,000350,000 \\ Total Assets & $1,005,000 & $1,200,000 \\ & & \\ Accounts Payable & $135,000 & $160,000 \\ Accruals & 50,000 & 70,000 \\ Bank Loan & 90,000 & 100,000 \\ Total Current Liabilities & 275,000 & 330,000 \\ Long-Term Debt & 300,000 & 400,000 \\ Common Stock (\$.05 par) & 150,000 & 150,000 \\ Additional Paid-in-Capital & 200,000 & 200,000 \\ Retained Earnings & 80,000 & 120,000 \\ \hline Total Liab. \& Equity & $1,005,000 & $1,200,000 \end{tabular} 1C. Calculate the percentage growth in net sales from 2015 to 2016. Compare this with the percentage ehange in total assets for the same period. What do there mumbers suggest? D. Express each expense item as a percentage of net sales for both 2015 and 2016. Describe what happenad that allowed Castillo Products to move from a loss to a profit between the nvo years

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