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A condensed income statement for Southwest Airlines and a partially completed vertical analysis are presented below. Required: 1. Complete the vertical analysis by computing each
A condensed income statement for Southwest Airlines and a partially completed vertical analysis are presented below. Required: 1. Complete the vertical analysis by computing each missing line item as a percentage of sales revenues. (Round your answers to the nearest whole percent.) SOUTHWEST AIRLINES 2015 100 % Income Statement (summarized) For the Year Ended December 31 (in millions of U.S. dollars) 2016 Sales Revenues $ 20,425 100 % Salaries and Wages Expense 6,798 34 Fuel, Oil, Repairs, and Maintenance 4,692 Other Operating Expenses Other Expenses (Revenues) 213 Income before Income Tax Expense 3,547 Income Tax Expense 1,303 Net Income 2,244 % $ 19,820 6,383 4,621 4,700 5,175 637 w 3,479 18 7 1,298 2,181 $ olo
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