3 The financial statements for Castile Products, Incorporated, are given below: Castile Products, Incorporated Balance Sheet...

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3 The financial statements for Castile Products, Incorporated, are given below: Castile Products, Incorporated Balance Sheet 1.8 points Assets Current assets: December 31 eBook Print References 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, $5 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Castile Products, Incorporated Income Statement $ 18,000 210,000 310,000 12,000 550,000 820,000 $ 1,370,000 $260,000 350,000 610,000 $110,000 650,000 760,000 $ 1,370,000 For the Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income $ 3,485,000 1,116,000 2,369,000 560,000 1,809,000 38,500 1,770,500 531,150 $1,239,350 Account balances at the beginning of the year were: accounts receivable, $200,000; and inventory, $310,000. All sales were on account. Required: Compute the following financial data and ratios: 1. Working capital. 2. Current ratio. Note: Round your answer to 1 decimal place. 3. Acid-test ratio. Note: Round your answer to 2 decimal places. 4. Debt-to-equity ratio. Note: Round your answer to 2 decimal places. 5. Times interest earned ratio. Note: Round your answer to 2 decimal places. 6. Average collection period. Note: Use 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place. 7. Average sale period. Note: Use 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place. 8. Operating cycle. Note: Use 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place. 18 3 points eBook Print References Liabilities: Current liabilities Bonds payable, 11% Total liabilities Stockholders' equity: Common stock, $5 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Sales Castile Products, Incorporated Income Statement For the Year Ended December 31 Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income $ 260,000 350,000 610,000 $110,000 650,000 760,000 $ 1,370,000 $ 3,485,000 1,116,000 2,369,000 560,000 1,809,000 38,500 1,770,500 531,150 $ 1,239,350 Account balances at the beginning of the year were: accounts receivable, $200,000; and inventory, $310,000. All sales were on account. Required: Compute the following financial data and ratios: 1. Working capital. 2. Current ratio. Note: Round your answer to 1 decimal place. 3. Acid-test ratio. Note: Round your answer to 2 decimal places. 4.Debt-to-equity ratio. Note: Round your answer to 2 decimal places. 5. Times interest earned ratio. Note: Round your answer to 2 decimal places. 6. Average collection period. Note: Use 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place. 7. Average sale period. Note: Use 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place. 8. Operating cycle. Note: 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 3 The financial statements for Castile Products, Incorporated, are given below: Castile Products, Incorporated Balance Sheet 1.8 points Assets Current assets: December 31 eBook Print References 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, $5 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Castile Products, Incorporated Income Statement $ 18,000 210,000 310,000 12,000 550,000 820,000 $ 1,370,000 $260,000 350,000 610,000 $110,000 650,000 760,000 $ 1,370,000 For the Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income $ 3,485,000 1,116,000 2,369,000 560,000 1,809,000 38,500 1,770,500 531,150 $1,239,350 Account balances at the beginning of the year were: accounts receivable, $200,000; and inventory, $310,000. All sales were on account. Required: Compute the following financial data and ratios: 1. Working capital. 2. Current ratio. Note: Round your answer to 1 decimal place. 3. Acid-test ratio. Note: Round your answer to 2 decimal places. 4. Debt-to-equity ratio. Note: Round your answer to 2 decimal places. 5. Times interest earned ratio. Note: Round your answer to 2 decimal places. 6. Average collection period. Note: Use 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place. 7. Average sale period. Note: Use 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place. 8. Operating cycle. Note: Use 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place. 18 3 points eBook Print References Liabilities: Current liabilities Bonds payable, 11% Total liabilities Stockholders' equity: Common stock, $5 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Sales Castile Products, Incorporated Income Statement For the Year Ended December 31 Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income $ 260,000 350,000 610,000 $110,000 650,000 760,000 $ 1,370,000 $ 3,485,000 1,116,000 2,369,000 560,000 1,809,000 38,500 1,770,500 531,150 $ 1,239,350 Account balances at the beginning of the year were: accounts receivable, $200,000; and inventory, $310,000. All sales were on account. Required: Compute the following financial data and ratios: 1. Working capital. 2. Current ratio. Note: Round your answer to 1 decimal place. 3. Acid-test ratio. Note: Round your answer to 2 decimal places. 4.Debt-to-equity ratio. Note: Round your answer to 2 decimal places. 5. Times interest earned ratio. Note: Round your answer to 2 decimal places. 6. Average collection period. Note: Use 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place. 7. Average sale period. Note: Use 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place. 8. Operating cycle. Note: 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