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Exercise 15-9 Financial Ratios for Assessing Profitability and Managing Debt [LO15-4, LO15-5] The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash $ 19,000 Accounts receivable, net 190,000 Merchandise inventory 300,000 Prepaid expenses 9,000 Total current assets 518,000 Property and equipment, net 890,000 Total assets $1,408,000 Liabilities and stockholders' Equity Liabilities: Current liabilities $ 230,000 Bonds payable, 10% 400,000 Total liabilities 630,000 Stockholders' equity: Common stock, $5 par value $ 110,000 Retained earnings 668,000 Total stockholders' equity 778,000 Total liabilities and stockholders' equity $1,408,000 Castile Products, Inc. Income statement For the Year Ended December 31 Sales $2,150,000 Cost of goods sold 1,260,000 Gross margin 890,000 Selling and administrative expenses 580,000 Net operating income 310,000 Interest expense 40,000 Net income before taxes 270,000 Income taxes (30%) 81,000 Net income $ 189,000 Account balances at the beginning ofthe year were: accounts receivable, $230,000; and inventory, $260,000. All sales were on account. Assets at the beginning of the year totaled $1,010,000, and the stockholders' equity totaled $635,000. Required: Compute the following: (For Requirements 1 to 4, enter your percentage answers rounded to 2 decimal places (i.e., 0.1234 should be entered as 12.34).) 1. Gross margin percentage. 2. Net profit margin percentage. 3. Return on total assets. 4. Return on equity. 5. Was nancial leverage positive or negative for the year?