3 The financial statements for Castile Products, Incorporated, are given below: Castile Products, Incorporated 16 points Assets Current assets! Balance Sheet December 31 eBook Print References 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, 12 Total liabilities Stockholders' equityi Common stock, $5 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Castile Products, Incorporated Income Statement For the Year Ended December 31 $ 24,000 200,000 380,000 11,000 615,000 850,000 $1,465,000 $ 250,000 350,000 600,000 $170,000 695,000 865,000 $1,465,000 Sales Cost of goods sold $2,925,000 1,435,000 Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income 1,490,000 570,000 $20,000 42,000 878,000 263,400 614,600 Account balances at the beginning of the year were: accounts receivable, $190,000; and inventory, $320,000. 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. (Use 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.) 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