Here are simplified financial statements for Phone Corporation in $2020$ :

Here are simplified financial statements for Phone Corporation in 2020: INCOME STATEMENT $ 12,300 $ 2,976 $ 3,539 19,825 $ 26,985 $ 27,044 $ 2,474 $ 2,950 $ 4,614 $ 5,220 $ 26,985 $ 27,044 (Figures in $ millions) Net sales Cost of goods sold Other expenses Depreciation Earnings before interest Interest expense Income before tax Taxes (at 21%) Net income Dividends Assets and taxes ( EBIT) BALANCE SHEET (Figures in $ millions) 3,610 4,022 2, 248 2, 420 640 1, 780 374 1, 406 $ 756 End of Year Start of Year Cash and marketable securities Receivables Inventories Other current assets Total current assets Net property, plant, and equipment Other longterm assets Total assets Liabilities and shareholders' equity Payables Short-term debt Other current liabilities Total current liabilities Longterm debt and leases Other longterm liabilities Shareholders' equity Total liabilities and shareholders' $ 80 1,932 142 822 19,883 4,126 1,374 766 9,259 6, 088 7,024 $ 149 2,310 193 887 3,680 1,528 742 8, 444 6,059 7,321 equity