0 Saved Here are simplified financial statements for Phone Corporation in a recent year: INCOME STATEMENT (Figures in s millions) Net sales Cost of goods sold Other expenses Depreciation Earnings before interest and taxes (EBIT) Interest expense Income before tax Taxes (at 358) Net income Dividends 13,800 4,410 4,182 2, 728 $ 2,480 720 1,760 616 $ 1,144 $ 926 BALANCE SHEET (Figures in s millions) End of Year Start of Year Assets Cash and marketable securities Receivables Inventories Other current assets $ 96 165 2,630 273 967 2,732 902 20,043 Total current assets Net property, plant, and equipment Other long-term assets $ 3,952 4,035 19,985 4,286 3,840 s 28,281 27,860 Total assets Liabilities and shareholders' equity -Y Payables Short-term debt Other current liabilities $ 2,634 3,110 1,608 846 826 $ 4,934 5,540 1,454 Total curreht liabilities