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, 11% Total liabilities Stockholders' equity: Common stock, $10 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 23,000 200,000 380,000 10,000 613,000 890,000 $1,503,000 $ 240,000 370,000 610,000 $ 130,000 763,000 893,000 $1,503,000 Castile Products, Inc. Income Statement For the Year Ended December 31 Sales $3,870,000 Cost of goods sold 1,476,000 Gross margin 2,394,000 Selling and administrative expenses 580,000 Net operating income 1,814,000 Interest expense 40, 700 Net income before taxes 1,773,300 Income taxes (30%) 531,990 Net income $1,241,310 Account balances at the beginning of the year were: accounts receivable, $230,000; and inventory, $340,000. 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.) 1. 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 days days days