The financial statements for Castile Products, Inc., are given below. Castile Products, Inc. Balance

The financial statements for Castile Products, Inc., are given below. Castile Products, Inc. Balance Sheet December 31 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, 10% Total liabilities Stockholders' equity: Common stock, $5 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 18,000 220,000 340,000 10,000 588,000 900,000 $1,488,000 $ 260,000 370,000 630,000 $ 180,000 678,000 858,000 $1,488,000 Castile Products, Inc. Income Statement For the Year Ended December 31 Sales $3,225,000 Cost of goods sold 1,120,000 Gross margin 2,105,000 Selling and administrative expenses 660,000 Net operating income 1,445,000 Interest expense 37,000 Net income before taxes 1,408,000 Income taxes (30%) 422,400 Net income $ 985, 600 W Account balances at the beginning of the year were accounts receivable, $210,000, and inventory. $300,000. 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.) We were unable to transcribe this image

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