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 $ 6,500 35,000 70,000 Prepaid expenses 3,500 Total current assets 115,000 Property and equipment, net 185,000 Total assets $300,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities. $ 50,000 80,000 Bonds payable, 10% -Total liabilities. 130,000 Stockholders' equity: Common stock, $5 par value 30,000 Retained earnings 140,000 Total stockholders' equity 170,000 Total liabilities and stockholders' equity $300,000 Castile Products, Inc. Turnmn C+atamant Castile Products, Inc. Income Statement For the Year Ended December 31 Sales $420,000 Cost of goods sold. 292,500 Gross margin 127,500 Selling and administrative expenses 89,500 Net operating income 38,000 Interest expense 8,000 Net income before taxes. Income taxes (30%) 30,000 9,000 Net income $ 21,000 Account balances at the beginning of the year were: accounts receivable, $25,000; and inventory, $60,000. 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 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.)