Castile Products, Inc. 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, 11% Total liabilities Stockholders' equity: Common stock, $5 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 22,000 230,000 360,000 10,000 622,000 840,000 $1,462,000 $ 250,000 350,000 600,000 $ 200,000 662,000 862,000 $1,462,000 Cantil Products, in Taco Staten For the Year Ended December 31 Sales Cost of woods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net incime before taxes Income taxes (30%) Net Income $2,850,000 1,221,000 1,629,000 580,000 1,049,000 38,500 1,010,500 303,150 $ 707,350 Account balances at the beginning of the year were: accounts receivable, $150,000, and inventory, $300,000. 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.) 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.) Answer is not complete. 1 2 3 Working capital Current ratio Acid.tostrato Debt to quity ratio Times interest earned ratio Average collection period Average sale porod Operating cycle $ 372.000 25 101 0.70 2725 4 15 0 1 days days days