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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 $ 21,000 Accounts receivable, net 210,000 Merchandise inventory 330,000 Prepaid expenses 9,000 Total current assets 570,000 Property and equipment, net 900,000 Total assets $ 1,470,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 250,000 Bonds payable, 8% 300,000 Total liabilities 550,000 Stockholders equity

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