QUESTION 19 Based on Coke's Income Statement and Balance Sheet What is Coke's 2019 ANOWC? Coca-Cola Company 12/31 2019 Net sales (in millions) 37,266 Operating Cost (exc. Depr.) 25,368 Depreciation expense 1365 Operating Income 10,533 Interest income 253 Earnings before taxes 10,786 Income taxes 1,801 Net income 8,985 Assets: (in Millions) Cash and marketable securities Accounts receivable Inventories Prepaid expenses Total current assets Net fixed assets 2019 2018 $11,175 $15,964 $3,971 $3,396 3,379 2,766 1.886 8.508 $20,411 $30,634 $10,838 $8,232 $55,132 $44 350 $86,381 $83,216 Other assets Total assets Liabilities and Equity: Accounts payable Notes payable Other Current Liabilities $10,705 15,247 1,021 $8,416 18,191 2616 2019 2018 Assets: (in Millions) Cash and marketable securities Accounts receivable $11,175 $15,964 $3,971 $3,396 3,379 2,766 1,886 8,508 Inventories Prepaid expenses Total current assets $20,411 $30,634 $10,838 $8,232 Net fixed assets $55,132 $44,350 Other assets Total assets $86,381 $83,216 Liabilities and Equity: Accounts payable $10,705 $8,416 Notes payable 15,247 18,191 Other Current Liabilities 1,021 2616 Total current liabilities $26,973 $29,223 Long-term debt 38,310 34,935 Owner's equity 21.098 19.058 Total liabilities and owner's equity $86,381 $83,216 Other Data 2019 Ordinary Shares Outstanding (M) 4,268M Market Price $53.30 Tax Rate 21.2096 WACC (After-tax % cost of capital) 5.096