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 $ 12,700 3,810 4,112 2,368 $ 2,410 660 $ 1,750 525 $ 1,225 est $ 826 BALANCE SHEET (Figures in $ millions) 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 End of Year Start of Year $ es 84 $ 153 2,132 2,390 162 213 842 907 $ 3,220 19,923 4,166 $ 3,663 $ 27,309 $ 2,514 1,394 786 $ 4,694 19,865 3,720 $ 27,248 $ 2,990 1,548 762 $ 5,300 Long-term debt and leases 8,263 7,728 Other long-term liabilities Shareholders' equity 6,128 6,099 8,224 8,121 Total liabilities and shareholders' equity $ 27,309 $ 27,248 Calculate the following financial ratios for Phone Corporation: (Use 365 days in a year. Do not round interme calculations. Round your final answers to 2 decimal places.) > Answer is complete but not entirely correct. a. Return on equity (use average balance sheet figures) 14.99 % b. Return on assets (use average balance sheet figures) 4.50% C. d. e. f. Return on capital (use average balance sheet figures) Days in inventory (use start-of-year balance sheet figures) Inventory turnover (use start-of-year balance sheet figures) Average collection period (use start-of-year balance sheet figures) 15.15 % 20.41 days 17.89 6.50 days g. Operating profit margin 9.65 % h. Long-term debt ratio (use end-of-year balance sheet figures) 0.50 i. Total debt ratio (use end-of-year balance sheet figures) 0.70 j. Times interest earned 3.65 k. Cash coverage ratio 7.24 Current ratio (use end-of-year balance sheet figures) 0.69 m. Quick ratio (use end-of-year balance sheet figures) 0.48