The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash 24,000 230,000 400,000 7,000 661,000 890,000 $1,551,000 Accounts receivable, net Merchandise inventory Prepaid expenses Total current assets Property and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: 240,000 360,000 600,000 Current liabilities Bonds payable, 9% Total liabilities Stockholders' equity: Common stock, $10 par value Retained earnings Total stockholders' equity 100,000 851,000 951,000 $1,551,000 Total liabilities and stockholders' equity Castile Products, Inc. Income Statement For the Year Ended December 31 $3,300,000 1,332,000 1,968,000 660,000 1,308,000 32,400 1,275,600 382,680 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (30%) 892,920 Net income Account balances at the beginning of the year were: accounts receivable, $210,000; 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 6Average collection period 7 Average sale period 8 Operating cycle days days days