Refer to the financial statements for Castile Products, Inc., in Exercise 15-8. In addition to the.. 1 answer below »

Refer to the financial statements for Castile Products, Inc., in Exercise 15-8. In addition to the data in these statements, assume that Castile Products, Inc., paid dividends of $2.10 per share during the year. Also assume that the company s common stock had a market price of $42 at the end of the year and there was no change in the number of outstanding shares of common stock during the year. The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash ……………………………………………………. $ 6,500 Accounts receivable, net ………………………………… 35,000 Merchandise inventory …………………………………. 70,000 Prepaid expenses …………………………………………. 3,500 Total current assets ……………………………………. 115,000 Property and equipment, net …………………………… 185,000 Total assets …………………………………………… $ 300,000 Liabilities and Stockholders Equity Liabilities: Current liabilities ………………………………………. $ 50,000 Bonds payable, 10% ……………………………………… 80,000 Total liabilities ………………………………………….. 130,000 Stockholders equity: Common stock, $5 per value ……………………………. 30,000 Retained earnings …………………….

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