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4. value: 20.00 points The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash $ 20,000 Accounts receivable, net 180,000 Merchandise inventory 320,000 Prepaid expenses 7,000 Total current assets 527,000 Property and equipment, net 870,000 Total assets $1,397,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 250,000 Bonds payable, 9% 330,000 Total liabilities 580,000 Stockholders' equity: Common stock, $10 par value $ 180,000 Retained earnings 637,000 Total stockholders' equity 817,000 Total liabilities and stockholders' equity $1,397,000 Castile Products, Inc. Income Statement For the Year Ended December 31 Sales $2,270,000 Cost of goods sold 1,180,000 Gross margin 1,090,000 Selling and administrative expenses 590,000 Net operating income 500,000 Interest expense 29,700 Net income before taxes 470,300 Income taxes (30%) 141,090 Net income $ 329,210 Account balances at the beginning of the year were: accounts receivable, $210,000; and inventory, $310,000. All sales were on account. Assets at the beginning of the year totaled $1,080,000, and the stockholders' equity totaled $665,000. Required: Compute the following: 1. Gross margin percentage. (Round your percentage answer to 2 decimal places (i.e., 0.1234 should be entered as 12.34).) _% 2. Net prot margin percentage. (Round your answer to the nearest whole percentage place (i.e., 0.1234 should be entered as 12%).) -% 3. Return on total assets. (Round your percentage answer to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) _% 4. Return on equity. (Round your percentage answer to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) 5. Was nancial leverage positive or negative for the year? 0 Positive O Negative