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Here are simplified financial statements for Phone Corporation in a recent year: INCOME STATEMENT (Figures in $ millions) Net sales $ 12,900 Cost of goods

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

INCOME STATEMENT
(Figures in $ millions)
Net sales $ 12,900
Cost of goods sold 3,910
Other expenses 4,132
Depreciation 2,428
Earnings before interest and taxes (EBIT) $ 2,430
Interest expense 670
Income before tax $ 1,760
Taxes (at 35%) 616
Net income $ 1,144
Dividends $ 846

BALANCE SHEET
(Figures in $ millions)
End of Year Start of Year
Assets
Cash and marketable securities $ 86 $ 155
Receivables 2,232 2,430
Inventories 172 223
Other current assets 852 917
Total current assets $ 3,342 $ 3,725
Net property, plant, and equipment 19,943 19,885
Other long-term assets 4,186 3,740
Total assets $ 27,471 $ 27,350
Liabilities and shareholders equity
Payables $ 2,534 $ 3,010
Short-term debt 1,404 1,558
Other current liabilities 796 772
Total current liabilities $ 4,734 $ 5,340
Long-term debt and leases 7,765 7,370
Other long-term liabilities 6,148 6,119
Shareholders equity 8,824 8,521
Total liabilities and shareholders equity $ 27,471 $ 27,350

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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