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, 128 Total liabilities Stockholders' equity: Common stock, $10 per value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 20,000 260,000 370,000 8,000 658,000 890,000 $1,548,000 $ 270,000 370,000 640,000 160,000 748,000 908,000 $1,548,000 Castile Products, Inc. Income Statement For the Year Ended December 31 Sales $3,840,000 Cost of goods sold 1,526,500 Gross margin 2,313,500 Selling and administrative expenses 580,000 Net operating income 1,733,500 Interest expense 44,400 Net income before taxes 1,689, 100 Income taxes (30%) 506,730 Net income $1,182,370 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 eamed ratio 6. Average collection period z Average sale period 8. Operating cycle days days days