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

INCOME STATEMENT (Figures in $ millions)

Net sales $ 12,800

Cost of goods sold 3,860

Other expenses 4,127

Depreciation 2,398

Earnings before interest and taxes (EBIT) $ 2,415

Interest expense 665

Income before tax $ 1,750

Taxes (at 30%) 525

Net income $ 1,225

Dividends $ 836

BALANCE SHEET (Figures in $ millions) End of Year Start of Year

Assets Cash and marketable securities $ 85 $ 154

Receivables 2,182 2,410

Inventories 167 218

Other current assets 847 912

Total current assets $ 3,281 $ 3,694

Net property, plant, and equipment 19,933 19,875

Other long-term assets 4,176 3,730

Total assets $ 27,390 $ 27,299

Liabilities and shareholders’ equity Payables $ 2,524 $ 3,000

Short-term debt 1,399 1,553

Other current liabilities 791 767

Total current liabilities $ 4,714 $ 5,320

Long-term debt and leases 8,014 7,549

Other long-term liabilities 6,138 6,109

Shareholders’ equity 8,524 8,321

Total liabilities and shareholders’ equity $ 27,390 $ 27,299

Calculate the following financial ratios for Phone Corporation: (Use 365 days in a year. Do not round intermediate calculations. Round your percentage answers "Return on equity", "Return on assets", Return on capital" and "Operating profit margin" to 2 decimal places and the rest to 2 decimal places.)

a. Return on equity (Use average equity.) %

b. Return on assets (Use after-tax operating income and average assets.) %

c. Return on capital (Use after-tax operating income and average capital.) %

d. Days in inventory (Use beginning inventory.) days

e. Inventory turnover (Use beginning inventory.)

f. Average collection period (Use beginning receivables.) days

g. Operating profit margin (Use after-tax operating income.) %

h. Long-term debt ratio (Use end of year values.)

i. Total debt ratio (Use end of year values.)

j. Times interest earned

k. Cash coverage ratio

l. Current ratio (Use end of year values.)

m. Quick ratio (Use end of year values.)