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Suppose you have been presented with selected information taken from the financial statements of Southwest Airlines Co., shown below. SOUTHWEST AIRLINES CO. Balance Sheet (partial)

Suppose you have been presented with selected information taken from the financial statements of Southwest Airlines Co., shown below.

SOUTHWEST AIRLINES CO. Balance Sheet (partial) December 31 (in millions)

2022

2021

Total current assets

$2,780 $4,300

Noncurrent assets

10,300 12,615

Total assets

$13,080 $16,915

Current liabilities

$2,780 $4,890

Long-term liabilities

6,480 5,190

Total liabilities

9,260 10,080

Shareholders equity

3,820 6,835

Total liabilities and shareholders equity

$13,080 $16,915

Other information:

2022

2021

Net income (loss)

$ 150 $ 685

Income tax expense

100 400

Interest expense

125 111

Cash provided by operations

(1,585 ) 2,720

Capital expenditures

905 1,435

Cash dividends

15 16

(a) Calculate each of the following ratios for 2022 and 2021.

2022

2021

1.

Current ratio (Round answers to 2 decimal places, e.g. 6.25:1.)

enter current ratio rounded to 2 decimal places :1 enter current ratio rounded to 2 decimal places :1

2.

Free cash flow (Enter negative amounts using either a negative sign preceding the number -45 or parenthesis e.g. (45).)

$enter a dollar amount $enter a dollar amount

3.

Debt to assets ratio (Round answers to 0 decimal places, e.g. 62%.)

enter percentages rounded to 0 decimal places % enter percentages rounded to 0 decimal places %

4.

Times interest earned (Round answers to 2 decimal places, e.g. 6.25.)

enter times interest earned rounded to 2 decimal places times enter times interest earned rounded to 2 decimal places time

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