Here are simplified financial statements of Phone Corporation from a recent year: INCOME STATEMENT (Figures in millions of dollars) INCOME STATEMENT (Figures in millions of dollars) Net sales 12,900 Cost of goods sold 3,910 Other expenses 4,132 Depreciation 2,428 Earnings before interest and taxes (EBIT) 2,430 Interest expense 670 Income before tax 1,760 Taxes (at 35%) 616 Net income 1,144 Dividends 846 BALANCE SHEET (Figures in millions of dollars) BALANCE SHEET (Figures in millions of dollars) BALANCE SHEET (Figures in millions of dollars) End of Year Start of Year Assets Cash and marketable securities 86 155 Receivables 2,232 2,430 Inventories 172 223 Other current assets 852 917 Total current assets 3,342 3,725 Net property, plant, and equipment 19,943 19,885 Other long-term assets 4,186 3,740 Total assets 27,471 27,350 Liabilities and shareholders' equity Payables 2,534 3,010 Short-term debt 1,404 1,558 Other current liabilities 796 772 Total current liabilities 4,734 5,340 Long-term debt and leases 7,765 7,370 Other long-term liabilities 6,148 6,119 Shareholders' equity 8,824 8,521 Total liabilities and shareholders' equity 27,471 27,350 Phone Corp.'s cost of capital was 8.0%. What was Phone Corp.'s economic value added? (Enter your answer in millions rounded to 2 decimal places.) What was Phone Corp.'s economic value added? (Enter your answer in millions rounded to 2 decimal places.) Economic value added $ millions
Economic Value Added
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