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The financlal statements for Castlle Products, Incorporated are given below: Account balances at the beginning of the year were: accounts recelvable, $220,000; and Inventory, $270,000.
The financlal statements for Castlle Products, Incorporated are given below: Account balances at the beginning of the year were: accounts recelvable, $220,000; and Inventory, $270,000. All sales were on account. Required: Compute the following financlal data and ratlos: 1. WorkIng capltal. 2. Current ratio. (Round your answer to 1 decimal place.) 3. Acld-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 declmal places.) 6. Average collection perlod. (Use 365 days In a year. Round your Intermedlate calculations and final answer to 1 decimal place.) 7. Average sale perlod. (Use 365 days In a year. Round your Intermedlate calculations and final answer to 1 decimal place.) 8. Operating cycle. (Use 365 days In a year. Round your Intermedlate calculations and final answer to 1 decimal place.)
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