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Y The financial statements for Castile...

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Accounting

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The financial statements for Castile Products, Inc., are given Castile Products, Inc. Balance Sheet Current assets %2.000 Accounts receivable, met 360.000 Prepaid expenses Total current assets Property and equipment, ne Total assets 1,513.000 Liabilities and Stockholders Equity 250,000 Cumrent liablities Bonds payable, 10% Total Sabiliies Stockholders equity s 150.000 Common stock, $5 par value Retained eaming Total stockholders equity Total Sabilibies and equty 1,513.000 Castle Products, Inc income Statement $2.280,000 Cost of goods sold Gross margi 1,080,000 10,000 Net operating income Interest expense 470,000 37,000 Net income belore taxes Income taxes (30%) 29.900 Net income 303100 Account balances at the beginning of the year were: accounts receivable, $200,000; and inventory, $350,000. All sales were on Assume that Castile Products, Inc., paid dividends of $2.75 per share during the year. Also assume that the company's common stock had a market price of $55 at the end of the year and there was no change in the number of outstanding shares of common stock during the year

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