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

INCOME STATEMENT

$($Figures in $ millions$)$

Net sales $ $14,000$

Cost of goods sold $4,510$

Other expenses $4,212$

Depreciation $2,788$

Earnings before interest and taxes $($EBIT$)$ $ $2,490$

Interest expense $730$

Income before tax $ $1,760$

Taxes $($at $21\%)370$

Net income $ $1,390$

Dividends $ $946$

BALANCE SHEET

$($Figures in $ millions$)$

End of Year Start of Year

Assets

Cash and marketable securities $ $98$ $ $167$

Receivables $2,8322,670$

Inventories $232283$

Other current assets $912977$

Total current assets $ $4,074$ $ $4,097$

Net property, plant, and equipment $20,06320,005$

Other long$-$term assets $4,3063,860$

Total assets $ $28,443$ $ $27,962$

Liabilities and shareholders$$ equity

Payables $ $2,654$ $ $3,130$

Short$-$term debt $1,4641,618$

Other current liabilities $856832$

Total current liabilities $ $4,974$ $ $5,580$

Long$-$term debt and leases $4,7775,222$

Other long$-$term liabilities $6,2686,239$

Shareholders$$ equity $12,42410,921$

Total liabilities and shareholders$$ equity $ $28,443$ $ $27,962$