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Financial Statements for Castile Products Assignment | Top Universities

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 $ 23,000
Accounts receivable, net 160,000
Merchandise inventory 340,000
Prepaid expenses 8,000
Total current assets 531,000
Property and equipment, net 880,000
Total assets $ 1,411,000
Liabilities and Stockholders’ Equity
Liabilities:
Current liabilities $ 250,000
Bonds payable, 8% 320,000
Total liabilities 570,000
Stockholders’ equity:
Common stock, $5 par value $ 170,000
Retained earnings 671,000
Total stockholders’ equity 841,000
Total liabilities and stockholders’ equity $ 1,411,000
Castile Products, Inc.
Income Statement
For the Year Ended December 31
Sales $ 3,060,000
Cost of goods sold 1,147,000
Gross margin 1,913,000
Selling and administrative expenses 640,000
Net operating income 1,273,000
Interest expense 25,600
Net income before taxes 1,247,400
Income taxes (30%) 374,220
Net income $ 873,180

Account balances at the beginning of the year were: accounts receivable, $180,000; and inventory, $280,000. All sales were on account.

Required:

Compute the following financial data and ratios:

1. Working capital.

2. Current ratio. (Round your answer to 1 decimal place.)

3. Acid-test ratio. (Round your answer to 2 decimal places.)

4. Debt-to-equity ratio. (Round your answer to 2 decimal places.)

5. Times interest earned ratio. (Round your answer to 2 decimal places.)

6. Average collection period. (Use 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.)

7. Average sale period. (Use 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.)

8. Operating cycle. (Round your intermediate calculations and final answer to 1 decimal place.) Get Accounting Homework Help Today

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