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The financial statements for Castile Products, Inc., are given below Castile Products, Inc. Balance Sheet Assets Current assets: Cash $ 23,0ee 160,000 310,000 12,000 505,000 890,000 $1,395,000 Accounts receivable, net Merchandise inventory Prepaid expenses Total current assets Property and equipment, net Total assets Liabilities and Stockholders Equity Liabilities: 230,eee 340,000 570,000 Current liabilities Bonds payable, 9% Total liabilities Stockholders equity: 160,e0e 665,800 825,800 $1,395,0ee Common stock, $10 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 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 $2,970,0ee 1,306,588 1,663,50e 580,000 1,083,5ee 30,600 1,052,9ee 315,870 $ 737,030 Account balances at the beginning of the year were: accounts receivable, $170,000; and inventory. $360,000. 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. (Round your intermediate calculations and final answer to 1 decimal place.) Account balances at the beginning of the year were: accounts receivable, $170,000, and inventory, $360,000. 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. (Round your intermediate calculations and final answer to 1 decimal place.) 75,000 Working capital 2. Current ratio 3. Acid-test ratio 4. Debt-to-equity ratio 5. Times interest earned ratio 6. Average collection period 7. Average sale period 8. Operating cycle 0.67 0.69 5.41 1978 951 148 days days days