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Here are simplified financial statements for Phone Corporation in a recent year: INCOME STATEMENT (Figures in $ millions) Net sales $ 13,193 Cost of goods

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

INCOME STATEMENT
(Figures in $ millions)
Net sales $ 13,193
Cost of goods sold 4,060
Other expenses 4,049
Depreciation 2,518
Earnings before interest and taxes (EBIT) $ 2,566
Interest expense 685
Income before tax $ 1,881
Taxes (at 35%) 658
Net income $ 1,223
Dividends $ 856

BALANCE SHEET
(Figures in $ millions)
End of Year Start of Year
Assets
Cash and marketable securities $ 89 $ 158
Receivables 2,382 2,490
Inventories 187 238
Other current assets 867 932
Total current assets $ 3,525 $ 3,818
Net property, plant, and equipment 19,973 19,915
Other long-term assets 4,216 3,770
Total assets $ 27,714 $ 27,503
Liabilities and shareholders equity
Payables $ 2,564 $ 3,040
Short-term debt 1,419 1,573
Other current liabilities 811 787
Total current liabilities $ 4,794 $ 5,400
Long-term debt and leases 7,018 6,833
Other long-term liabilities 6,178 6,149
Shareholders equity 9,724 9,121
Total liabilities and shareholders equity $ 27,714 $ 27,503

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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