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The financial statements for Castile Products, Incorporated are given below: Castile Products, Incorporated Balance Sheet...

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Accounting

The financial statements for Castile Products, Incorporated are given below: Castile Products, Incorporated Balance Sheet December 31 Assets Current assets: Cash $ 20,000 Accounts receivable, net 240,000 Merchandise inventory 380,000 Prepaid expenses 11,000 Total current assets 651,000 Property and equipment, net 820,000 Total assets $ 1,471,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 270,000 Bonds payable, 10% 330,000 Total liabilities 600,000 Stockholders equit

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