Calculating Ratios. Here are simplified financial statements of Phone Corporation from a recent year:

Calculate the following financial ratios:

a. Long-term debt ratio

b. Total debt ratio

c. Times interest earned

d. Cash coverage ratio

e. Current ratio

f. Quick ratio g. Net profit margin h. Inventory turnover i. Days in inventory j. Average collection period k. Return on equity l. Return on assets m. Payout ratio

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INCOME STATEMENT (figures in millions of dollars) Net sales Cost of goods sold Other expenses Depreciation Earnings before interest and taxes (EBIT) Interest expenses Income before tax Taxes Net income Dividends 13,194 4,060 4,049 2,518 2,566 685 1,881 570 1,311 856