2 THE SOLCHICHES IUI COSIC PIVUULIS, Orpurance, are given UCIUW. Castile Products, Incorporated Balance Sheet 1.2 points & 01:39:05 eBook Print References Assets December 31 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 Sales Castile Products, Incorporated Income Statement For the Year Ended December 31 $ 6,500 35,000 70,000 3,500 115,000 185,000 $ 300,000 $ 50,000 80,000 130,000 30,000 140,000 170,000 $ 300,000 $ 420,000 Cost of goods sold Gross margin Selling and administrative expenses Net operating income. Interest expense Net income before taxes Income taxes (30%) Net income 292,500 127,500 89,500 38,000 8,000 30,000 9,000 $ 21,000 Account balances at the heninning of the year were accounts receivable $25.000 and inuenton $60000 4 2 Net income before taxes Income taxes (38%) Net income 30,000 9,000 01:38:50 $ 21,000 Account balances at the beginning of the year were: accounts receivable, $25,000; and inventory, $60,000. A 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.) eBook 4. Debt-to-equity ratio. (Round your answer to 2 decimal places.) Print eferences 5. Times interest earned ratio. (Round your answer to 2 decimal places.) 6. Average collection period. (Use 365 days In a year. Round your answer to 1 decimal place.) 7. Average sale period. (Use 365 days in a year. Round your intermediate calculations and final answer to 1 8. Operating cycle. (Use 365 days In a year. Round your Intermediate calculations and final answer to 1 decir 1. Working capital 2. Current ratio 3. Acid-test ratio 4. Debt-to-equity ratio 5. Times interest eamed ratio 6. Average collection period: 7. Average sale period 8. Operating cycle days days days