Here are simplified financial statements for Phone Corporation in 2020:

INCOME STATEMENT
(Figures in $ millions)
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 21%)	393
Net income	$ 1,477
Dividends	$ 856

BALANCE SHEET
(Figures in $ millions)
	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