2012 2011 and 2012 Balance Sheets ($ in millions) 2011 Assets Current assets Cash $ 210 Accounts receivable 355 Inventory 507 Total $1,072 Fixed assets Net plant and equipment $6,085 Total assets $7.157 $ 215 310 328 $ 853 $6,527 $7,380 Liabilities and Owners' Equity Current liabilities Accounts payable $ 207 Notes payable 1.715 Total $1,922 Long-term debt $1,987 Owners' equity Common stock and paid-in surplus $1,000 Retained earnings 2.248 Total $3,248 Total liabilities and owners' equity $7.157 $ 298 1,427 $1,725 $2,308 $1,000 2,347 $3,347 $7,380 PHILIPPE CORPORATION 2012 Income Statement ($ in millions) Sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes (34%) Net income Dividends $47 Addition to retained earnings $4,053 2,780 550 $ 723 502 $ 221 75 $ 146 Based on the balance sheets and income statement: i. calculate the following ratios for 2012: 1. Current ratio Quick ratio Cash ratio Inventory turnover Receivables turnover Days' sales in inventory Days' sales in receivable Total debt ratio Equity multiplier Long-term debt ratio Time interest earned ratio Profit margin Return of assets Return on equity Cash coverage ratio 10. 11. 12. 13. 14. 15. ii. Construct the cash flow statement