Here are simplified financial statements of Phone Corporation from a recent year:

INCOME STATEMENT (Figures in millions of dollars)
Net sales	13,900
Cost of goods sold	4,460
Other expenses	4,197
Depreciation	2,758
Earnings before interest and taxes (EBIT)	2,485
Interest expense	725
Income before tax	1,760
Taxes (at 30%)	528
Net income	1,232
Dividends	936

BALANCE SHEET (Figures in millions of dollars)
	End of Year	Start of Year
Assets
Cash and marketable securities	97	166
Receivables	2,782	2,650
Inventories	227	278
Other current assets	907	972
Total current assets	4,013	4,066
Net property, plant, and equipment	20,053	19,995
Other long-term assets	4,296	3,850
Total assets	28,362	27,911
Liabilities and shareholders equity
Payables	2,644	3,120
Short-term debt	1,459	1,613
Other current liabilities	851	827
Total current liabilities	4,954	5,560
Long-term debt and leases	5,026	5,401
Other long-term liabilities	6,258	6,229
Shareholders equity	12,124	10,721
Total liabilities and shareholders equity	28,362	27,911

Calculate the following financial ratios: (Use 365 days in a year. Do not round intermediate calculations. Round your answers to 2 decimal places.)

a.	Long-term debt ratio
b.	Total debt ratio
c.	Times interest earned
d.	Cash coverage ratio
e.	Current ratio
f.	Quick ratio
g.	Operating profit margin		%
h.	Inventory turnover
i.	Days in inventory		days
j.	Average collection period		days
k.	Return on equity		%*
l.	Return on assets		%
m.	Return on capital		%**
n.	Payout ratio

* - use average equity ** - use average capital