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Here are simplified financial statements for Phone Corporation in 2020: INCOME STATEMENT (Figures in...

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Accounting

Here are simplified financial statements for Phone Corporation in 2020:

INCOME STATEMENT
(Figures in $ millions)
Net sales $ 13,000
Cost of goods sold 3,960
Other expenses 4,037
Depreciation 2,458
Earnings before interest and taxes (EBIT) $ 2,545
Interest expense 675
Income before tax $ 1,870
Taxes (at 21%) 393
Net income $ 1,477
Dividends $ 856
BALANCE SHEET
(Figures in $ millions)
End of Year Start of Year
Assets
Cash and marketable securities $ 87 $ 156
Receivables 2,282 2,450
Inventories 177 228
Other current assets 857 922
Total current assets $ 3,403 $ 3,756
Net property, plant, and equipment 19,953 19,895
Other long-term assets 4,196 3,750
Total assets $ 27,552 $ 27,401
Liabilities and shareholders equity
Payables $ 2,544 $ 3,020
Short-term debt 1,409 1,563
Other current liabilities 801 777
Total current liabilities $ 4,754 $ 5,360
Long-term debt and leases 7,516 7,191
Other long-term liabilities 6,158 6,129
Shareholders equity 9,124 8,721
Total liabilities and shareholders equity $ 27,552 $ 27,401

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