1. value: 1.75 points 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 $ 23,000 160,000 400,000 9,000 Total current assets Property and equipment, net 592,000 860,000 Total assets $1,452,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities Bonds payable, 10% $ 240,000 390,000 630,000 Total liabilities Stockholders' equity: Common stock, $5 par value Retained earnings $ 200,000 622,000 Total stockholders' equity 822,000 Total liabilities and equity $1,452,000 Castile Products, Inc. Income Statement For the Year Ended December 31 Sales $2,660,000 Cost of goods sold 1,500,000 Gross margin Selling and administrative expenses 1,160,000 600,000 Net operating income Interest expense 560,000 39,000 Net income before taxes Income taxes (30%) 521,000 156,300 Net income $ 364,700 Account balances at the beginning of the year were: accounts receivable, $220,000; and inventory, $350,000. All sales were on account. Required: Compute the following financial data and ratios: 1. Working capital. Working capital 2. Current ratio. (Round your answer to 2 decimal places.) Current ratio 3. Acid-test ratio. (Round your answer to 2 decimal places.) Acid-test ratio 4. Debt-to-equity ratio. (Round your answer to 2 decimal places.) Debt-to-equity ratio 5. Times interest earned ratio. (Round your answer to 2 decimal places.) Times interest earned ratio Average collection period. (Use 365 days in a year. Round your answer to 1 decimal place.) Average collection period 1 days 7. Average sale period. (Use 365 days in a year. Round your intermediate and final answer to 1 decimal place.) Average sale . days period 8. Operating cycle. (Round your intermediate calculations and final answers to 1 decimal place.) Operating cycle days