Based on the following Balance Sheet and Income Statement please calculate the following for 2019:
Current Ratio
Quick Ratio
Debt Ratio
Return on Equity
Return on Assets
Southwest Airlines Co. Consolidated Balance Sheet (in millions, except share data) December 31, 2019 December 31, 2018 $ ASSETS Current assets: Cash and cash equivalents Short-term investments Accounts and other receivables Inventories of parts and supplies, at cost Prepaid expenses and other current assets Total current assets 2,548 1,524 1,086 529 287 5,974 1,854 1,835 568 461 310 5,028 Property and equipment, at cost: Flight equipment Ground property and equipment Deposits on flight equipment purchase contracts Assets constructed for others 21,753 4,960 775 1,768 Less allowance for depreciation and amortization 21,629 5,672 248 164 27,713 10,688 17,025 970 1,349 577 25,895 29.256 9,731 19,525 970 Goodwill Operating lease right-of-use assets Other assets 720 26,243 1,416 1,749 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued liabilities Current operating lease liabilities Air traffic liability Current maturities of long-term debt Total current liabilities 1,574 1,749 353 4,457 819 8,952 4.134 606 7,905 1,846 1,053 2,364 164 978 706 2,771 936 2,427 1,701 650 Long-term debt less current maturities Air traffic liability - noncurrent Deferred income taxes Construction obligation Noncurrent operating lease liabilities Other noncurrent liabilities Stockholders' equity: Common stock, $1.00 par value: 2,000,000,000 shares authorized; 807,611,634 shares issued in 2019 and 2018 Capital in excess of par value Retained earnings Accumulated other comprehensive income (loss) Treasury stock, at cost: 288,547,318 and 255,008,275 shares in 2019 and 2018 respectively Total stockholders' equity 808 1,581 17,945 (61) 808 1,510 15,967 20 (10,441) 9,832 25,895 (8.452) 9,853 26,243 See accompanying notes. Southwest Airlines Co. Consolidated Statement of Income (in millions, except per share amounts) Year ended December 31, 2018 2019 2017 $ $ $ OPERATING REVENUES: Passenger Freight Other Total operating revenues 20,776 172 1,480 20,455 175 19,763 173 1,210 1,335 22,428 21,965 21,146 7.649 4,616 OPERATING EXPENSES: Salaries, wages, and benefits Fuel and oil Maintenance materials and repairs Landing fees and airport rentals Depreciation and amortization Other operating expenses Total operating expenses 8,293 4,347 1,223 1,363 1,219 1,107 1,334 1,201 7,305 4,076 1,001 1,292 1,218 2.847 2.852 3,026 19,471 18,759 17,739 OPERATING INCOME 2,957 3,206 3,407 118 131 114 OTHER EXPENSES (INCOME): Interest expense Capitalized interest Interest income Other (gains) losses, net (36) (90) (38) (69) (49) (35) 8 18 112 Total other expenses (income) 42 142 2,957 3,164 INCOME BEFORE INCOME TAXES PROVISION (BENEFIT) FOR INCOME TAXES 3,265 (92) 657 699 NET INCOME $ 2,300 $ 2,465 S 3,357 NET INCOME PER SHARE, BASIC $ 4.28 $ 4.30 5.58 NET INCOME PER SHARE, DILUTED $ 4.27 $ 4.29 $ 5.57 See accompanying notes
