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Problem $4-7$ Financial Ratios $($LO$3)$

Here are simplified financial statements for Phone Corporation in a recent year:

$\backslash$table$[[\backslash$table$[[$INCOME STATEMENT$],[($Figures in $ millions$)]]],[$Net sales,,$3,100],[$Cost of goods sold,,$4,010],[$Other expenses,,$4,042],[$Depreciation$,,2,488],[$Earnings before interest and taxes $($EBIT$),$$$,\backslash$table$[[2,560]]],[$Interest expense,$$,1,880],[$Income before tax,,$1,564],[$Taxes $($at $30\%),$$$,1,316],[\backslash$table$[[$Net income$],[$Dividends$]],$$$,866]]$

$\backslash$table$[[\backslash$table$[[$BALANCE SHEET$],[($Figures in $ millions$)]],\backslash$table$[[$End of$],[$Year$]],\backslash$table$[[$Start of$],[$Year$]]],[$Assets$],[$Cash and marketable securities$,$$$,88,$$ $157],[$Receivables$,,2,332,2,470],[$Inventories$,,182,233],[$Other current assets,,$862,927],[$Total current assets,$$,3,464,$$ $3,787],[$Net property, plant, and equipment,,$19,963,19,905],[$Other long$-$term assets,,$4,206,3,760],[$Total assets,,$27,633,$$$27,452$