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, 88 Total 1iabilities Stockholders' equity: Common stock, $10 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $1,530,000 \begin{tabular}{lr} \multicolumn{2}{c}{ Castile Products, Incorporated } \\ Income Statement \\ For the Year Ended December 31 \\ Sales & $3,200,000 \\ Cost of goods sold & 1,235,000 \\ Gross margin & 1,965,000 \\ Selling and administrative expenses & 630,000 \\ Net operating income & 1,335,000 \\ Interest expense & 31,200 \\ Net income before taxes & 1,303,800 \\ Income taxes (308) & 391,140 \\ Net income & 5912,660 \end{tabular} Account balances at the beginning of the year were; accounts receivable, $140,000; 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 calkulations and final answer to 1 decimal place.)