3. The following tables are simplified financial statements for Phone Corporation in a recent year. Calculate the following financial ratios for Phone Corporation using the methodologies listed for each part. Income Statement ($ millions) $13,193 4,060 4,049 Net sales Cost of goods sold Other expenses Depreciation Earnings before interest and taxes (EBIT) Interest Expense Income before tax Taxes (at 35%) Net income Dividends 2,518 $2,566 GBS 1,881 658 1,223 856 Balance Sheet( millions) End of Year Start of Year Assets $ 89 2,382 187 Cash and marketable securities Receivables Inventories Other current assets Total current assets Net property, plant, and equipment Other long-term assets Total Assets $ 158 2.490 238 932 $ 3,818 19,915 $ 3,525 19,973 4.216 $27,714 3,770 $27,503 $ 2,564 1.419 $ 3,040 1,573 787 811 Liabilities and shareholders' equity Payables Short-term debt Other current liabilities Total current liabilities Long-term debt and leases Other long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 4,794 $ 5,400 6.833 7,018 6,178 9,724 $ 27,714 6,149 9,121 $ 27,503 A ( A Return on equity (use average balance sheet figures) B. Return on assets (use average balance sheet figures) C. Return on capital (use average balance sheet figures) D. Days in inventory (use start-of-year balance sheet figures) E. Inventory turnover (use start-of-year balance sheet figures) F. Average collection period (use start-of-year balance sheet figures) G. Operating profit margin H. Long-term debt ratio (use end-of-year balance sheet figures) 1. Total debt ratio (use end-of-year balance sheet figures) J. Times interest earned K Cash coverage ratio L. Current ratio (use end-of-year balance sheet figures) M. Quick ratio (use end-of-year balance sheet figures)