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Here are simplified financial statements for Phone Corporation in a recent year: INCOME STATEMENT (Figures in $ millions) Net sales $ 12,200 Cost of goods

Here are simplified financial statements for Phone Corporation in a recent year:

INCOME STATEMENT
(Figures in $ millions)
Net sales $ 12,200
Cost of goods sold 3,560
Other expenses 4,037
Depreciation 2,218
Earnings before interest and taxes (EBIT) $ 2,385
Interest expense 635
Income before tax $ 1,750
Taxes (at 30%) 525
Net income $ 1,225
Dividends $ 746

BALANCE SHEET
(Figures in $ millions)
End of Year Start of Year
Assets
Cash and marketable securities $ 79 $ 148
Receivables 1,882 2,290
Inventories 137 188
Other current assets 817 882
Total current assets $ 2,915 $ 3,508
Net property, plant, and equipment 19,873 19,815
Other long-term assets 4,116 3,670
Total assets $ 26,904 $ 26,993
Liabilities and shareholders equity
Payables $ 2,464 $ 2,940
Short-term debt 1,369 1,523
Other current liabilities 761 737
Total current liabilities $ 4,594 $ 5,200
Long-term debt and leases 9,508 8,623
Other long-term liabilities 6,078 6,049
Shareholders equity 6,724 7,121
Total liabilities and shareholders equity $ 26,904 $ 26,993

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.)

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