y/ mcgrawhillconnect.com - Yahoo x Question 4 - Test #3 52022 - Con X y coursehero.com - Yahoo Search F X * Course Hero X + X -CD ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%... [ * 3 w/ http://binkiland.co.. y! Yahoo Search - We. Grammarly for Chro.. Test #3 52022 1 Saved Help Save & Exit Submit 4 The financial statements for Castile Products Inc. are as follows: CASTILE PRODUCTS INC. Sheet December 31 Assets 8 Current assets: points Cash 6,500 Accounts receivable, net 35,000 Merchandise inventory 70, 000 01:29:43 Prepaid expenses 3,500 Total current assets 115, 000 Property and equipment, net 185,000 Total assets $ 300,000 Liabilities and Shareholders' Equity Liabilities: Current liabilities 50,000 Bonds payable, 10% 80,000 Total liabilities 130, 000 Shareholders' equity: Common shares, no par (6,000 @ $5) $ 30, 000 Retained earnings 140, 090 Total shareholders' equity 170, 000 Total liabilities and shareholders' equity $ 300,000 CASTILE PRODUCTS INC. Income Statement For the Vear Ended December 21 Mc Graw Hill 10:40 AM 8/11/2022y/ mcgrawhillconnect.com - Yahoo x Question 4 - Test #3 52022 - Con X y coursehero.com - Yahoo Search F X * Course Hero X + X -CD ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%... [ * 3 y/ http://binkiland.co.. y! Yahoo Search - We. Grammarly for Chro.. Test #3 52022 1 Saved Help Save & Exit Submit 4 CASTILE PRODUCTS INC. Income Statement For the Year Ended December 31 Sales $ 420, 000 Less: Cost of goods sold 292,500 Gross margin 127, 500 8 Less: Operating expenses 89,500 points Net operating income 38,000 Interest expense 8,000 Net income before taxes 30,000 01:29:32 Income taxes (30%) 9,000 Net income $ 21, 000 Account balances at the beginning of the year were: accounts receivable, $25,000; inventory, $60,000. All sales were on account. Required: Compute financial ratios as follows (Use 365 days a year. Do not round intermediate calculations. Round your percentage answer to 1 decimal place, turnover in days to the nearest whole number and other answers 2 decimal places.): 1 . Gross margin percentage % 2. Current ratio to 1 3. Acid-test ratio to 1 4. Debt-to-equity ratio to 1 Mc Graw Hill O 10:40 AM 8/11/2022y/ mcgrawhillconnect.com - Yahoo x Question 4 - Test #3 52022 - Con X y coursehero.com - Yahoo Search F X * Course Hero X + X -CD ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%... [ * 3 w/ http://binkiland.co.. y! Yahoo Search - We. Grammarly for Chro.. Test #3 52022 1 Saved Help Save & Exit Submit Net income $ 21,000 4 Account balances at the beginning of the year were: accounts receivable, $25,000; inventory, $60,000. All sales were on account. Required: Compute financial ratios as follows (Use 365 days a year. Do not round intermediate calculations. Round your percentage answer 8 to 1 decimal place, turnover in days to the nearest whole number and other answers 2 decimal places.): points 01:29:28 1. Gross margin percentage % 2. Current ratio to 1 3. Acid-test ratio to 1 4. Debt-to-equity ratio to 1 5 Accounts receivable turnover days 6 . Inventory turnover 7. Times interest earned times 8. Book value per share per share Mc Graw hp O 10:40 AM 8/11/2022