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, 9% Total liabilities Stockholders' equity: Common stock, $10 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 22,000 210,000 320,000 11,000 563,000 840,000 $1,403,000 $ 260,000 350,000 610,000 $ 150,000 643,000 793,000 $1,403,000 Castile Products, Inc. Income Statement For the Year Ended December 31 Sales $3,870,000 Cost of goods sold 1,419,000 Gross margin 2,451,000 Selling and administrative expenses 640,000 Net operating income 1,811,000 Interest expense 31,500 Net income before taxes 1,779,500 Income taxes (30%) 533,850 Net income $1,245, 650 Net operating income Interest expense Net income before taxes Income taxes (30%) Net income 1,811,000 31,500 1,779,500 533,850 $1,245,650 Account balances at the beginning of the year were: accounts receivable, $220,000; 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. (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