Castile Products, Inc. Balance Sheet December 31 Assets Current assets: $ 23,000 250,000 310,000 6,000 589,000 870,000 $1,459,000 Cash Accounts receivable, net Merchandise inventory Prepaid expense:s Total current assets Property and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: Current liabilities Bonds payable, 10% Total liabilities Stockholders' equity: $ 250,000 370,000 620,000 $ 200,000 639,000 839,000 Common stock, $5 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $1,459,000 Castile Products, Inc. Income Statement For the Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income $3,225,000 1,280,000 1,945,000 600,000 1,345,000 37,000 1,308,000 392,400 $ 915,600 Account balances at the beginning of the year were: accounts receivable, $180,000; and inventory, $330,000. All sales were on account. Requirec Compute the following financial data and ratios: 1. Working capital. 2 Current ratio. (Round your answer to 1 declmal place.) 3. Acid-test ratio. (Round your answer to 2 decimal places.) 4. Debt-to-equity ratio. (Round your answer to 2 declmal places.) 5. Times interest earned ratio. (Round your answer to 2 declmal places.) 6. Average collection period. (use 36?days in a year. R und your intermediate calculations and flnal answer to 1 decimal place.) 7. Average sale period. (Use 363 days In a year. Round your Intermediate calculatlons and final answer to 1 declmal place.) 8. Operating cycle. (Round your Intermediate calculetlons and final answer to 1 declmal place.)