Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2020 2019 Sales $12,000 $11,000 Operating costs excluding depreciation 10,514 9,664 Depreciation and amortization. 350 340 Earnings before interest and taxes $ 1,136 996 Less interest 120 100 Pre-tax income $ 1,016 $ 896 Taxes (25%) 254 224 Net income available to common stockholders $ 762 $ 672 Common dividends $ 204 $ 200 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2020 2019 Assets Cash Short-term investments $ 550 $ 500 220 200 Accounts receivable Inventories Total current assets 2,750 2,500 2,050 1,800 $5,570 $5,000 Net plant and equipment 3,850 3,500 Total assets $9,420 $8,500 Liabilities and Equity Accounts payable $1,100 $1,000 Accruals 550 500 Notes payable 184 100 Total current liabilities $1,834 $1,600 Long-term debt 1,100 1,000 Total liabilities $2,934 2,600 Common stock 4,728 4,700 Retained earnings 1,758 1,200 Total common equity $6,486 $5,900