The financial statements for Castile Products, Inc., are given below:
|Castile Products, Inc.
|Accounts receivable, net||160,000|
|Total current assets||531,000|
|Property and equipment, net||880,000|
|Liabilities and Stockholders’ Equity|
|Bonds payable, 8%||320,000|
|Common stock, $5 par value||$||170,000|
|Total stockholders’ equity||841,000|
|Total liabilities and stockholders’ equity||$||1,411,000|
|Castile Products, Inc.
For the Year Ended December 31
|Cost of goods sold||1,147,000|
|Selling and administrative expenses||640,000|
|Net operating income||1,273,000|
|Net income before taxes||1,247,400|
|Income taxes (30%)||374,220|
Account balances at the beginning of the year were: accounts receivable, $180,000; and inventory, $280,000. All sales were on account.
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 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. (Round your intermediate calculations and final answer to 1 decimal place.) Get Accounting Homework Help Today
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