The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31
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The financial statements for Castile Products, Inc., are given below:
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Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash.. $ 6,500 35,000 Accounts receivable, net Merchandise inventory Prepaid expenses .. 70.000 ... 3,500 115,000 Total current assets.. Property and equipment, net 185,000 $300,000 Total assets Llabilities and Stockholders' Equity Liabilities: $ 50,000 80,000 Current liabilities... Bonds payable, 10% Total liabilities .. 130.000 Stockholders' equity: 30,000 Common stock, $5 per value Retained earnings 140,000 170,000 Total stockholders' equity- Total liabilities and stockholders' equity $300,000 Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash.. $ 6,500 35,000 Accounts receivable, net Merchandise inventory Prepaid expenses .. 70.000 ... 3,500 115,000 Total current assets.. Property and equipment, net 185,000 $300,000 Total assets Llabilities and Stockholders' Equity Liabilities: $ 50,000 80,000 Current liabilities... Bonds payable, 10% Total liabilities .. 130.000 Stockholders' equity: 30,000 Common stock, $5 per value Retained earnings 140,000 170,000 Total stockholders' equity- Total liabilities and stockholders' equity $300,000
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Answer rating: 100% (QA)
1 Working Capital 628000 230000 398000 2Current Ratio 628000230000 273 3 AcidTest Ratio ... View the full answer
Related Book For
Introduction to Managerial Accounting
ISBN: 978-0078025792
7th edition
Authors: Peter Brewer, Ray Garrison, Eric Noreen
Posted Date:
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