The financial statements for Castile Products, Inc., are given below:

Castile Products, Inc. Balance Sheet December 31
Assets
Current assets:
Cash	$	21,000
Accounts receivable, net		180,000
Merchandise inventory		330,000
Prepaid expenses		11,000
Total current assets		542,000
Property and equipment, net		880,000
Total assets	$	1,422,000
Liabilities and Stockholders' Equity
Liabilities:
Current liabilities	$	240,000
Bonds payable, 12%		400,000
Total liabilities		640,000
Stockholders equity:
Common stock, $5 par value	$	200,000
Retained earnings		582,000
Total stockholders equity		782,000
Total liabilities and stockholders equity	$	1,422,000

Castile Products, Inc. Income Statement For the Year Ended December 31
Sales	$	2,800,000
Cost of goods sold		1,267,500
Gross margin		1,532,500
Selling and administrative expenses		620,000
Net operating income		912,500
Interest expense		48,000
Net income before taxes		864,500
Income taxes (30%)		259,350
Net income	$	605,150

Account balances at the beginning of the year were: accounts receivable, $220,000; 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.)

Check my Account balances at the beginning of the year were: accounts receivable, $220,000; 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 Acid-test ratio Debt-to-equity ratio Times interest earned ratio 6. Average collection period Average sale period 8. Operating cycle days days days