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

Account balances at the beginning of the year were: accounts receivable, $210,000; and inventory, $290,000. 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 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 places.)

8. Operating cycle. (Round your intermediate calculations and final answer to 1 decimal places.)

Castile Products, Inc. Balance Sheet December 31 AssetS Current assets: Cash $ 22,000 200,000 360,000 10,000 592,000 870,00e $1,462,000 Accounts receivable, net Merchandise inventor Prepaid expenses Total current assets Property and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: Current liabilities Bonds payable, 9% Total 1iabilities Stockholders' equity: $ 270,000 330,000 600,000 $ 120,000 742,000 862,000 $1,462,000 Common stock, $.10 par value Retained earnings Total stockholders' equity Total liabilities and stockholders equity