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 $ 12,400 3,660 4,137 2,278 $ 2,325 645 $ 1,680 504 $ 1,176 $ 796 BALANCE SHEET (Figures in $ millions) End of Year Start of Year $ Assets Cash and marketable securities Receivables Inventories Other current asset Total current assets Net property, plant, and equipment Other long-term aceste 81 1,982 147 827 $ 3,037 19,893 4.136 $ 150 2,330 198 892 $ 3,570 19,835 3.699 D BALANCE SHEET (Figures in $ millions) End of Year Start of Year 81 1,982 147 827 $ 3,037 19,893 4,136 $ 27,066 $ 150 2,330 198 892 $ 3,570 19,835 3,690 $ 27,095 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 $ 2,484 1,379 771 $ 4,634 9,010 6,098 7,324 $ 27,066 $ 2,960 1,533 747 $ 5,240 8,265 6,069 7,521 $ 27,095