The financial statements for Castile Products, Incorporated are given below: Castile Products, Incorporated Balance Sheet December 3
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Question:
The financial statements for Castile Products, Incorporated are given below:
Castile Products, Incorporated
Balance Sheet
December
Assets
Current assets:
Cash $
Accounts receivable, net
Merchandise inventory
Prepaid expenses
Total current assets
Property and equipment, net
Total assets $
Liabilities and Stockholders' Equity
Liabilities:
Current liabilities $
Bonds payable,
Total liabilities
Stockholders equity:
Common stock, $ per value $
Retained earnings
Total stockholders equity
Total liabilities and stockholders equity $
Castile Products, Incorporated
Income Statement For the Year Ended
December
Sales $
Cost of goods sold
Gross margin
Selling and administrative expenses
Net operating income
Interest expense
Net income before taxes
Income taxes
Net income $
Account balances at the beginning of the year were: accounts receivable, $; and inventory, $ All sales were on account.
Required:
Compute the following financial data and ratios:
Working capital.
Current ratio. Round your answer to decimal place.
Acidtest ratio. Round your answer to decimal places.
Debttoequity ratio. Round your answer to decimal places.
Times interest earned ratio. Round your answer to decimal places.
Average collection period. Use days in a year. Round your intermediate calculations and final answer to decimal place.
Average sale period. Use days in a year. Round your intermediate calculations and final answer to decimal place.
Operating cycle. Use days in a year. Round your intermediate calculations and final answer to decimal place.
Related Book For
Introduction to Managerial Accounting
ISBN: 978-0078025792
7th edition
Authors: Peter Brewer, Ray Garrison, Eric Noreen
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