The financial statements for Castile Products Inc. are as follows: 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 Shareholders' Equity Liabilities: Current liabilities Bonds payable, 10% Total liabilities Shareholders' equity: Common shares, no par (6,600 @ $5) Retained earnings Total shareholders' equity Total 11 abilities and shareholders' equity $ 6,500 35,000 70,000 3.500 115,000 185,000 $ 300,000 $ 50,000 80,000 130,000 $ 30,000 140,000 170,000 $ 300,000 CASTILE PRODUCTS INC. Income Statement For the Year Ended December 31 Sales $420,000 Lessi Cost of goods sold 292,500 Gross margin 127.500 Less Operating expenses 89.500 Net operating income 38,000 Interest expense Net Income before taxes Income taxes (30%) 9.000 Net Income $ 21,000 30.000 Account balances at the beginning of the year were accounts receivable. $25.000; inventory, S60,000. All sales were on account. Required: Compute financial ratios as follows (Use 365 days a year. Do not round intermediate calculations, Round your percentage answer o 1 decimal place, turnover in days to the nearest whole number and other answers 2 decimal places.) 1. Gross margin percentage 2 Current ratio 3. Acid-test ratio 4 Debt-to-equity ratio 5 Accounts receivable turnover 6 Inventory turnover 7 Times interest earned 8 Book value per share % 101 to 1 101 days days times per share