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? Which of these two asset groups is more significant 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, 2013 (in millions of US dollars) Cash Accounts Receivable Inventory of Parts and Supplies Other Current Assets Property and Equipment, Net Other Assets Total Assets 1,355 419 467 2,047 13,389 1,668 $19.345 7% 5,676 6,333 12.009 905 6431 7.336 $19.345 29% Curent Liabilities Long-term Liabilities 62 Total Liabilities Common Stock Retained Eamings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 38 100% 100%