Delta Airlines	Financial Statements
1	$ Millions
Revenue	12,450
Cost of Goods Sold	5,500
Gross Profit	6,950
Selling, General and Administrative Costs	5,000
Research and Development	600
Depreciation and Amortization	470
EBIT (Operating Income/Profit)	880
Nonoperating Income - Net	143
Interest Expense	64
Income Before Tax	959
Income Tax Expense	500
Net Income	459
		millions of $
Assets	2015	2014	Liabilities and Equity	2015	2014
Current Assets			Current Liabilities
Cash & Equivalents	1,510	1,400	Accounts Payable	2,200	2045
Short term Investments	335	520	ST Debt	148	320
Accouts Receivables	950	930	Other Current Liabilities	690	600
Inventory	1,090	800	Total Current Liabilities	3,038	2,965
Miscellaneous Current Assets	285	150	Long Term Debt	2,150	1800
Total Current Assets	4,170	3,800	Other Liabilities	292	302
Total Long term Investments	1,063	1,200	Total Liabilities	5,480	5,067
Gross Property Plant & Equipment	4,400	3,750	Stockholders' Equity
Less Acc Depreciation	1,100	630	Common Stock Par& Paid in cap	40	40
Net Property Plant and Equipment	3,300	3,120	Retained Earnings	6,123	5833
Goodwill	850	740	Treasury Stock	-890	-780
Intangible Assets	270	300	Total Stockholder Equity	5,273	5,093
Other Assets	1,100	1,000	Total Liabilities and Equity	10,753	10,160
Total Assets	10,753	10,160
Other Information
Number of shares (millions)	710	million
Market price of common stock	$46.95
3. What is Delta's Earnings per share in 2015?
EPS
4. What percentage of assets are Delta's Net Property Plant and Equipment?
% NPPE
5. What was the dollar change in Inventory in 2015? Was this a source or use of funds?
Dollar change inventory
Source or use?
6. Calculate cash flows from operatiing activity in 2015:
a. What is the Net Income + Depreciation in 2015?
b. What is the Change in Non-Cash Current Assets?
c. What is the Change in Current Liabilities?
d. What is the Cash Flow from Operating activity?
7. a. Calculate a few ratios in 2015	Delta	Competitor (UAL) Ratios
Operating Return on Assets		14.19%
Operating Profit Margin		13.64%
Total Asset Turnover		1.04
Fixed Asset Turnover		1.88