LACICIS IU- JCICLICU TOTICIAI NALIU LIU-e, : The financial statements for Castile Products, Inc., are given below: 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, 88 Total liabilities Stockholders' equity: Common stock, $10 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 20,000 220,000 390,000 7,000 637,000 890,000 $1,527,000 $ 230,000 320,000 550,000 $ 130,000 847,000 977,000 $1,527,000 Castile Products, Inc. Income Statement For the Year Ended December 31 Sales $2,590,000 Cost of goods sold 1,369,000 Gross margin 1,221,000 Selling and administrative expenses 640.000 4514 A 9 3 MacBook Air education.co Saved aded Exercises/Problems Assignment i Castile Products, Inc. Income Statement For the Year Ended December 31 Sales $2,590,000 Cost of goods sold 1,369,000 Gross margin 1,221,000 Selling and administrative expenses 640,000 Net operating income 581,000 Interest expense 25,600 Net income before taxes 555,400 Income taxes (30%) 166, 620 Net income $ 388,780 Account balances at the beginning of the year were: accounts receivable, $150,0 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 7. Average sale period. (Use 365 days in a year. Round your intermediate calcula 8. Operating cycle. (Round your intermediate calculations and final answer to 10