Question: Please show work begin{tabular}{lr} Common stock, $5 per value & $180,000 Retained earnings & 641,000 hline Total stockholders' equity & 821,000 hline








\begin{tabular}{lr} Common stock, $5 per value & $180,000 \\ Retained earnings & 641,000 \\ \hline Total stockholders' equity & 821,000 \\ \hline Total liabilities and stockholders' equity & $1,421,000 \\ \hline \hline \end{tabular} Castile Products, Incorporated Income Statement For the Year Ended December 31 \begin{tabular}{lr} Sales & $3,200,000 \\ Cost of goods sold & 1,394,000 \\ Gross margin & 1,806,000 \\ Selling and administrative expenses & 570,000 \\ Net operating income & 1,236,000 \\ Interest expense & 28,800 \\ Net income before taxes & 1,207,200 \\ Income taxes (30%) & 362,160 \\ Net income & $845,040 \\ \hline \hline \end{tabular} Account balances at the beginning of the year were: accounts receivable, $230,000; 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 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. (Use 365 days in a year. Round your intermediate calculations and final answer to 1 decimal place.) \begin{tabular}{|l|} \hline 1. Working capital \\ \hline 2. Current ratio \\ \hline 3. Acid-test ratio \\ \hline 4. Debt-to-equity ratio \\ \hline 5. Times interest earned ratio \\ \hline 6. Average collection period \\ \hline 7. Average sale period \\ \hline 8. Operating cycle \\ \hline \end{tabular}
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