$1.$ Calculating Ratios. Here are simplified financial statements of Phone Corporation from a recent year: $($ LO$3)$

Income Statement $($millions of dollars$)$

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 expenses $685$

Income before tax $1,881$

Taxes $570$

Net income $1,311$

Dividends $856$

Statement of Financial Position $($millions of dollars$)$

End of Year Start of Year

Assets:

Cash and marketable securities $89158$

Receivables $2,3822,490$

Inventories $187238$

Other current assets $867932$

Total current assets $3,5253,818$

Net property, plant, and equipment $19,97319,915$

Other long$-$term assets $4,2163,770$

Total assets $27,71427,503$

Liabilities and shareholders' equity:

Payables $2,5643,040$

Short$-$term debt $1,4191,573$

Other current liabilities $811787$

Total current liabilities $4,7945,400$

Long$-$term debt and leases $7,0186,833$

Other long$-$term liabilities $6,1786,149$

Sahreholder$$s equity $97249121$

Total liabilities and shareholder$$s equity $2771427503$

Write the formulas and 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$.$ Operating profit margin

h$.$ Inventory turnover

i$.$ Days in inventory

j$.$ Average collection period

k$.$ Return on equity

$1.$ Return on assets

I. Payout ratio