Here are simplified financial statements for Phone Corporation in a recent year: INCOME STATEMENT (Figures in $ millions) Net sales $ 13,193 Cost of goods sold 4,060 Other expenses 4,049 Depreciation 2,518 Earnings before interest and taxes (EBIT) $ 2,566 Interest expense 685 Income before tax $ 1,881 Taxes (at 35%) 658 Net income $ 1,223 Dividends $ 856 BALANCE SHEET (Figures in $ millions) End of Year Start of Year Assets Cash and marketable securities $ 89 $ 158 Receivables 2,382 2,490 Inventories 187 238 Other current assets 867 932 Total current assets $ 3,525 $ 3,818 Net property, plant, and equipment 19,973 19,915 Other long-term assets 4,216 3,770 Total assets $ 27,714 $ 27,503 Liabilities and shareholdersâ equity Payables $ 2,564 $ 3,040 Short-term debt 1,419 1,573 Other current liabilities 811 787 Total current liabilities $ 4,794 $ 5,400 Long-term debt and leases 7,018 6,833 Other long-term liabilities 6,178 6,149 Shareholdersâ equity 9,724 9,121 Total liabilities and shareholdersâ equity $ 27,714 $ 27,503 Calculate the following financial ratios for Phone Corporation: (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 2 decimal places.)
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