Review the following excerpt from the 2018 consolidated statement of income for Southwest Airlines Co. Answer the questions that follow.

Analyze:
1. Although the format for the heading of an income statement can vary from company to company, the heading should contain the answers to who, what, and when. List the answers to each question for the statement presented above.
2. What three types of revenue are reflected on this statement?
3. The net income of $2.465 billion reflected on Southwest Airlines Co.’s consolidated statement of income for 2018 will be transferred to the next financial statement to be prepared. Net income is needed to complete which statement?
Analyze Online: Find the Investor Relations section of the Southwest Airlines Co. website (www.southwest.com) and answer the following questions.
4. What total operating revenues did Southwest Airlines Co. report for the most recent quarter?
5. Find the most recent press release posted on the website. Read the press release, and summarize the topic discussed. What effect, if any, do you think this will have on company earnings? Why?

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Southwest Airlines Co. Consolidated Statement of Income Years Ended December 31, 2018 and 2017 Operating Revenues (in millions): Passenger Freight Other Total operating revenues Net Income 2018 $20,455 175 1,335 21,965 $2,465 2017 $19,763 173 1,210 21,146 $3,357