1. Intel had assets equal to $84,351 million and liabilities equal to $33,148 million for a recent yearend.
What was Intel's total equity at year-end? Why would we expect a company like Intel to report a relatively high proportion of equity vis-à-vis liabilities?
2. At the beginning of a recent year, JetBlue's assets were $7,071 million and its equity was $1,757 million. During the year, assets decreased $1 million and liabilities decreased $132 million. What was JetBlue's equity at the end of the year?
3. What balance sheet account provides the link between the balance sheet and the income statement?
Briefly describe how this linkage works.