Here are simplified financial statements for Phone Corporation in a recent year: INCOME STATEMENT (Figures in $ millions) Net sales Cost of goods sold Other expenses Depreciation Earnings before interest and taxes (EBIT) Interest expense Income before tax Taxes (at 30%) Net income Dividends $13,100 4,010 4,042 2,488 $ 2,560 680 $ 1,880 564 $ 1,316 $ 866 BALANCE SHEET (Figures in $ millions) End of Year Start of Year Receivables Payables Assets Cash and marketable securities Inventories Other current assets Total current assets Net property, plant, and equipment Other long-term assets Total assets Liabilities and shareholders' equity Short-term debt Other current liabilities Total current liabilities 88 $ 157 2,332 2,470 182 233 862 927 $ 3,464 19,963 4,206 $ 3,787 19,905 3,760 $ 27,633 $ 27,452 $ 2,554 1,414 806 $ 3,030 1,568 782 Long-term debt and leases $ 4,774 7,267 $ 5,380 7,012 Other long-term liabilities 6,168 6,139 Shareholders' equity 9,424 8,921 Total liabilities and shareholders' equity $ 27,633 $ 27,452 Calculate the following financial ratios for Phone Corporation: (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 2 decimal places.) a. b. C. d. e. Return on equity (use average balance sheet figures) Return on assets (use average balance sheet figures) Return on capital (use average balance sheet figures) Days in inventory (use start-of-year balance sheet figures) Inventory turnover (use start-of-year balance sheet figures) 14.35 6.51 6.51% 21.20 days 17.21 % f. Average collection period (use start-of-year balance sheet figures) 68.82 days g. Operating profit margin 13.68 % h. Long-term debt ratio (use end-of-year balance sheet figures) 0.44 i. Total debt ratio (use end-of-year balance sheet figures) 0.20 j. Times interest earned k. I. m. Cash coverage ratio Current ratio (use end-of-year balance sheet figures) Quick ratio (use end-of-year balance sheet figures) Here are simplified financial statements for Phone Corporation in a recent year: INCOME STATEMENT (Figures in $ millions) Net sales Cost of goods sold Other expenses Depreciation Earnings before interest and taxes (EBIT) Interest expense Income before tax Taxes (at 30%) Net income Dividends $13,100 4,010 4,042 2,488 $ 2,560 680 $ 1,880 564 $ 1,316 $ 866 BALANCE SHEET (Figures in $ millions) End of Year Start of Year Receivables Payables Assets Cash and marketable securities Inventories Other current assets Total current assets Net property, plant, and equipment Other long-term assets Total assets Liabilities and shareholders' equity Short-term debt Other current liabilities Total current liabilities 88 $ 157 2,332 2,470 182 233 862 927 $ 3,464 19,963 4,206 $ 3,787 19,905 3,760 $ 27,633 $ 27,452 $ 2,554 1,414 806 $ 3,030 1,568 782 Long-term debt and leases $ 4,774 7,267 $ 5,380 7,012 Other long-term liabilities 6,168 6,139 Shareholders' equity 9,424 8,921 Total liabilities and shareholders' equity $ 27,633 $ 27,452 Calculate the following financial ratios for Phone Corporation: (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 2 decimal places.) a. b. C. d. e. Return on equity (use average balance sheet figures) Return on assets (use average balance sheet figures) Return on capital (use average balance sheet figures) Days in inventory (use start-of-year balance sheet figures) Inventory turnover (use start-of-year balance sheet figures) 14.35 6.51 6.51% 21.20 days 17.21 % f. Average collection period (use start-of-year balance sheet figures) 68.82 days g. Operating profit margin 13.68 % h. Long-term debt ratio (use end-of-year balance sheet figures) 0.44 i. Total debt ratio (use end-of-year balance sheet figures) 0.20 j. Times interest earned k. I. m. Cash coverage ratio Current ratio (use end-of-year balance sheet figures) Quick ratio (use end-of-year balance sheet figures)