Condensed statement of financial position and income statement data for Pitka Corporation follow:

                                

                                

Additional information:
1. The allowance for doubtful accounts was $4,800 in 2013, $4,500 in 2014, and $5,000 in 2015.
2. All sales were credit sales.
3. Net cash provided by operating activities was $119,600 in 2014 and $102,000 in 2015.

Instructions
(a) Calculate the following ratios for each of 2014 and 2015:

1. Current ratio
2. Receivables turnover
3. Inventory turnover
4. Debt to total assets
5. Times interest earned
6. Cash total debt coverage
7. Gross profit margin
8. Profit margin
9. Asset turnover
10. Return on assets

(b) Identify whether the change in each ratio calculated in part (a) was favourable, unfavourable, or unchanged between 2014 and 2015.
(c) Explain whether overall (1) liquidity, (2) solvency, and (3) profitability improved, deteriorated, or remained the same between 2014 and 2015.