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 35%) Net income Dividends $ 12,300 3,610 4,022 2,248 $ 2,420 640 $ 1,780 623 $ 1,157 $ 756 BALANCE SHEET (Figures in $ millions) End of Year Start of Year $ 149 2,310 193 887 $ 80 1,932 142 822 $ 2,976 19,883 4, 126 $ 26,985 $ 3,539 19,825 3,680 $ 27,044 Assets Cash and marketable securities Receivables Inventories Other current assets Total current assets Net property, plant, and equipment Other long-term assets Total assets Liabilities and shareholders' equity Payables Short-term debt Other current liabilities Total current liabilities Long-term debt and leases Other long-term liabilities Shareholders' equity Total liabilities and shareholders' equity $ 2,474 1,374 766 $ 4,614 9, 259 6,088 7,024 $ 26,985 $ 2,950 1,528 742 $ 5,220 8,444 6,059 7,321 $ 27,044 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.) x Answer is complete but not entirely correct. a. b. 16.13% 5.82% 9.00 X % 19.51 days c. d. e. 63.73 X f. 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) Average collection period (use start-of-year balance sheet figures) Operating profit margin Long-term debt ratio (use end-of-year balance sheet figures) Total debt ratio (use end-of-year balance sheet figures) Times interest earned Cash coverage ratio Current ratio (use end-of-year balance sheet figures) Quick ratio (use end-of-year balance sheet figures) 68.55 days 12.79% g. h. 0.52 X i. 0.60 X 3.78 j. k. 7.29 0.64 0.61 X I. OOG m