Applying the Accounting Equation and Assessing Financial Statement Linkages Answer the following questions. (a) Intel had assets equal to $84, 351 million and liabilities equal to $33, 148 million for a recent year. What was Intel's total equity at year-end? $ ________ million Why would we expect a company like Intel to report a relatively high proportion of equity vis--vis liabilities?: It is less risky due to its higher profitability and, therefore, reduces the willingness of debt holders to lend. It is more risky due to technology innovation and, therefore, debt holders are less willing to lend at reasonable rates. It is more profitable, and we know that profits increase equity. It is less risky and can comfortably carry more equity financing. (b) 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 by $1 million and liabilities decreased by $132 million. What was JetBlue's equity at the end of the year? $ ________ million (c) Which balance sheet account provides the link between the balance sheet and the income statement? Cash Net Sales Retained Earnings Total Equity