could you solve return on assets for me.

INCOME STATEMENT (Figures in $ millions) Net sales $ 13,300 Cost of goods sold 4,160 Other expenses 4,087 Depreciation 2,578 Earnings before interest and taxes (EBIT) $ 2,475 Interest expense 695 Income before tax $ 1,780 Taxes (at 21%) 374 Net income $ 1,406 Dividends $ 375 BALANCE SHEET (Figures in $ millions) End of Year Start of Year Assets Cash and marketable securities $ 91 $ 160 Receivables 2,482 2,530 Inventories 197 248 Other current assets 877 942 Total current assets $ 3,647 $ 3,880 Net property, plant, and equipment 19,993 19,935 Other longterm assets 4,236 3,790 Total assets $ 27,876 $ 27,605 Liabilities and shareholders' equity Payables $ 2,584 $ 3,060 Short-term debt 1,429 1,583 Other current liabilities 821 797 Total current liabilities $ 4,834 $ 5,440 Longterm debt and leases 6,520 6,475 Other longterm liabilities 6,198 6,169 Shareholders' equity 10,324 9,521 Total liabilities and shareholders' equity $ 27.875 $ 27.505 Calculate the following financial ratios for Phone Corporation: Note: Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 2 decimal places. 6 Answer is complete but not entirely correct. a. Return on equity (use average balance sheet gures) 14.16 a b. Return on assets (use average balance sheet gures) 5.07 9