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, 12% Total liabilities Stockholders' equity: Common stock, $10 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 22,000 200,000 300,000 8,000 530,000 880,000 $1,410,000 $ 290,000 310,000 600,000 $ 180,000 630,000 810,000 $1,410,000 Castile Products, Inc. Income Statement For the Year Ended December 31 Sales $3,315,000 Cost of goods sold 1,271,000 Gross margin 2,044,000 Selling and administrative expenses 610,000 Net operating income 1,434,000 Interest expense 37,200 Net income before taxes 1,396,800 Income taxes (30%) 419,040 Net income $ 977, 760 Account balances at the beginning of the year were: accounts receivable, $190,000; and inventory, $320,000. All sales were on account. Required: Compute the following financial data and ratios: 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. (Use 365 days in a year. 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