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

Castile Products, Inc. Balance Sheet December 31
Assets
Current assets:
Cash	$	22,000
Accounts receivable, net		210,000
Merchandise inventory		390,000
Prepaid expenses		8,000
Total current assets		630,000
Property and equipment, net		850,000
Total assets	$	1,480,000
Liabilities and Stockholders' Equity
Liabilities:
Current liabilities	$	230,000
Bonds payable, 10%		370,000
Total liabilities		600,000
Stockholders equity:
Common stock, $10 per value	$	120,000
Retained earnings		760,000
Total stockholders equity		880,000
Total liabilities and stockholders equity	$	1,480,000

Castile Products, Inc. Income Statement For the Year Ended December 31
Sales	$	2,800,000
Cost of goods sold		1,306,500
Gross margin		1,493,500
Selling and administrative expenses		630,000
Net operating income		863,500
Interest expense		37,000
Net income before taxes		826,500
Income taxes (30%)		247,950
Net income	$	578,550

Account balances at the beginning of the year were: accounts receivable, $190,000; and inventory, $280,000. 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.)

I know the times interest earned ratio is wrong. I need help with that too

| $ I 1. Working capital 2. Current ratio 3. Acid-test ratio 4. Debt-to-equity ratio 5. Times interest earned ratio Average collection period 7. Average sale period 8. Operating cycle 400,000 2.7 1.01 0.68 23.30 days days days