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, 11% Total liabilities Stockholders' equity: Common stock, $10 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 22,000 160,000 370,000 12,000 564,000 880,000 $1,444,000 $ 270,000 310,000 580,000 120,000 744,000 864,000 $1,444,000 Castile Products, Inc. Income Statement For the Year Ended December 31 Sales $3,420,000 Cost of goods sold 1,260,000 Gross margin 2,160,000 Selling and administrative expenses 610,000 Net operating income 1,550,000 Interest expense 34,100 Net income before taxes 1,515,900 Income taxes (30%) 454,770 Net income $1,061,130 Account balances at the beginning of the year were: accounts receivable, $220,000; and inventory. $330,000. 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.)