Condensed balance sheet and income statement data for Pitka Corporation are presented here.

\section*{Instructions}
Compute these values and ratios for 1997 and 1998

(a) Profit margin ratio

(b) Return on assets ratio

(c) Working capital

(d) Current ratio

(e) Debt to total assets ratio

(f) Based on the ratios calculated, discuss briefly the improvement or lack thereof in financial position and operating results from 1997 to 1998 of Pitka Corporation.

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Assets Cash Receivables (net) Investments Other current assets Plant and equipment (net) Total assets PITKA CORPORATION Balance Sheet December 31 1998 1997 1996 $ 25,000 $ 20,000 $ 18,000 50,000 45,000 48,000 90,000 85,000 64,000 75,000 70,000 45,000 400,000 370,000 358,000 $640,000 $590,000 $533,000 Liabilities and Stockholders' Equity Current liabilities $ 75,000 $ 80,000 $ 70,000 Long-term debt 80,000 85,000 Common stock, $10 par 340,000 300,000 50,000 300,000 Retained earnings 145,000 125,000 113,000 Total liabilities and stockholders' equity $640,000 $590,000 $533,000