36.

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

INCOME STATEMENT (Figures in millions of dollars)
Net sales	13,000
Cost of goods sold	3,960
Other expenses	4,037
Depreciation	2,458
Earnings before interest and taxes (EBIT)	2,545
Interest expense	675
Income before tax	1,870
Taxes (at 30%)	561
Net income	1,309
Dividends	856

BALANCE SHEET (Figures in millions of dollars)
	End of Year	Start of Year
Assets
Cash and marketable securities	87	156
Receivables	2,282	2,450
Inventories	177	228
Other current assets	857	922
Total current assets	3,403	3,756
Net property, plant, and equipment	19,953	19,895
Other long-term assets	4,196	3,750
Total assets	27,552	27,401
Liabilities and shareholders equity
Payables	2,544	3,020
Short-term debt	1,409	1,563
Other current liabilities	801	777
Total current liabilities	4,754	5,360
Long-term debt and leases	7,516	7,191
Other long-term liabilities	6,158	6,129
Shareholders equity	9,124	8,721
Total liabilities and shareholders equity	27,552	27,401

Calculate the following financial ratios: (Use 365 days in a year. Do not round intermediate calculations. Round your answers to 2 decimal places.)

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		days
j.	Average collection period		days
k.	Return on equity		%*
l.	Return on assets		%
m.	Return on capital		%**
n.	Payout ratio

* - use average equity ** - use average capital