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, 55 per value Retained carnings Total stockholder's equity Total liabilities and stockholders equity $ 19,000 220,000 310, 300 2,000 556,000 880,000 $1,436,000 $ 270,000 310,000 580,000 $ 110,000 746,000 356,000 $1,436,000 Castle Products, Inc. Income Statement For the Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net Operating income Interest expense Net income before taxes Income taxes (30%) Net Income $3,360,000 1. 102, 500 2,257,500 570,000 1,687,500 34,1ee 1,651,400 496.020 $1,157,360 Account balances at the beginning of the year were accounts receivable, $200,000; and inventory, $320,000. All sales were on account Required: Compute the following financial data and ratios Account balances at the beginning of the year were accounts receivable, $200.000, and inventory $320,000. 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. Add test ratio 4 Debt-to-equity ratio 5 Times Interest and ratio 16. Average collection period 7 Average sale period 8 Operating cycle days days days