Vijay Here are simplified financial statements for Phone Corporation in 2020:INCOME STATEMENT(Figures in $ millions)Net salesCost of goods soldOther expensesDepreciationEarnings before interest and taxes (EBIT)Interest expenseIncome before taxTaxes (at 21%)Net incomeDividendsAssetsCash and marketable securitiesReceivablesInventories1200Other current assetsTotal current assetsNet property, plant, and equipmentOther long-term assetsTotal assets.BALANCE SHEET(Figures in $ millions)Liabilities and shareholders' equityPayablesShort-term debt$ 12,6003,7604,1272,338$ 2,375-655$ 1,720361$ 1,359$ 816Other current liabilitiesTotal current liabilitiesLong-term debt and leasesOther long-term liabilitiesShareholders' equityTotal liabilities and shareholders' equityEnd of Year Start of Yeara. Return on equity (use average balance sheet figures)b. Return on assets (use average balance sheet figures)c. Return on capital (use average balance sheet figures)d. Days in inventory (use start-of-year balance sheet figures)e. Inventory turnover (use start-of-year balance sheet figures)f. Average collection period (use start-of-year balance sheet figures)g. Operating profit marginh. Long-term debt ratio (use end-of-year balance sheet figures)i. Total debt ratio (use end-of-year balance sheet figures)j. Times interest earnedk. Cash coverage ratio1. Current ratio (use end-of-year balance sheet figures)m. Quick ratio (use end-of-year balance sheet figures)$832,082157837$ 3,15919,9134,156$ 27,228$ 2,5041,389781$ 4,6748,5126,1187,924$ 27,228$1522,370208902$ 3,63219,8553,710$ 27,197$ 2,9801,543757$ 5,2807,9076,0897,921$ 27,197Calculate the following financial ratios for Phone Corporation:Note: Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 2 decimal places14.11%4.11 %10.68 %20.19 days18.0868.65 days18.85 %0.540.713.637.200.680.64

Net sales$12,600Cost of goods sold$3,760Other expenses$4,127Depreciation$2,338EBIT$2,375Interest…

Here are simplified financial statements for Phone Corporation in 2020: 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 21%) Net income Dividends BALANCE SHEET $ 12,600 3,760 4,127 2,338 $ 2,375 - 655 $ 1,720 361 $ 1,359 $ 816