The financial statements for Castile Products, Inc., are given below: points Skipped 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, $5 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 21,000 230,000 340,000 9,000 600,000 820,000 $1,420,000 eBook Print $ 230,000 400,000 630,000 References $ 150,000 640,000 790,000 $1,420,000 Castile Products, Inc. Income Statement For the Year Ended December 31 Sales $ 2,940,000 Cost of goods sold 1,159,000 Gross margin 1,781,000 Selling and administrative expenses 640,000 Net operating income 1,141,000 Interest expense 48,000 Net income before taxes 1,093,000 Income taxes (30%) 327,900 Net income $ 765,100 Account balances at the beginning of the year were: accounts receivable, $190,000; and inventory, $270,000. All sales were on account. Account balances at the beginning of the year were: accounts receivable, $190,000; and inventory, $270,000. 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