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Here are simplified financial statements for Phone Corporation in a recent year: INCOME STATEMENT (Figures in $ millions) Net sales $ 13,600 Cost of goods

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

INCOME STATEMENT
(Figures in $ millions)
Net sales $ 13,600
Cost of goods sold 4,310
Other expenses 4,162
Depreciation 2,668
Earnings before interest and taxes (EBIT) $ 2,460
Interest expense 710
Income before tax $ 1,750
Taxes (at 30%) 525
Net income $ 1,225
Dividends $ 906

BALANCE SHEET
(Figures in $ millions)
End of Year Start of Year
Assets
Cash and marketable securities $ 94 $ 163
Receivables 2,632 2,590
Inventories 212 263
Other current assets 892 957
Total current assets $ 3,830 $ 3,973
Net property, plant, and equipment 20,023 19,965
Other long-term assets 4,266 3,820
Total assets $ 28,119 $ 27,758
Liabilities and shareholders equity
Payables $ 2,614 $ 3,090
Short-term debt 1,444 1,598
Other current liabilities 836 812
Total current liabilities $ 4,894 $ 5,500
Long-term debt and leases 5,773 5,938
Other long-term liabilities 6,228 6,199
Shareholders equity 11,224 10,121
Total liabilities and shareholders equity $ 28,119 $ 27,758

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.)

f. Average collection period (use start-of-year balance sheet figures) _______ days

g. Operating profit margin _______ %

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