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Here are simplified financial statements for Phone Corporation in a recent year INCOME STATEMENT Figures in S millions) Net sales Cost of goods sold Other
Here are simplified financial statements for Phone Corporation in a recent year INCOME STATEMENT Figures in S millions) Net sales Cost of goods sold Other expenses Depreciation S 13,200 4,110 4,072 2,548 Earnings before interest and taxes (EBIT) Interest expense S2,470 690 Income before tax Taxes (at 35%) S 1,780 623 Net income Dividends 1,157 $ 866
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