A condensed balance sheet for Southwest Airlines and a partially completed vertical analysis are presented below.

Required:
1. Complete the vertical analysis by computing each line item (a)-(c) as a percentage of total assets. Round to the nearest whole percentage.
2. What percentages of Southwest's assets relate to inventory of parts and supplies versus property and equipment? What does this tell you about the relative significance of these two assets to Southwest's business?
3. What percentage of Southwest's assets is financed by total stockholders' equity? By total liabilities?

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SOUTHWEST AIRLINES Balance Sheet (summarized) December 31, 2010 (in millions of U.S. dollars) Cash Accounts Receivable Inventory of Parts and Supplies Other Current Assets Property and Equipment, Net Other Assets Total Assets $1,261 195 243 2,580 10,578 606 $15,463 3,305 5,921 9,226 1,100 5,137 6,237 $15,463 Current Liabilities Long-term Liabilities b% 38 60 8% Total Liabilities Contributed Capital Retained Earnings 17 Total Stockholders' Equity Total Liabilities & Stockholders' Equity 100% 100%