The template has JetBlue's FYE18 (FYE - Fiscal Year End) Income Statement and Balance Sheet. Also, it has its beta, the 10-year Treasury, the equity market return (note that this is NOT the market premium!), its capital expenses, and its change in working capital. Please calculate: working capital, days receivable, ROA, ROE, % equity, % debt, actual tax rate, cost of equity, estimated cost of debt, WACC, EBITDA, and free cash flow. You will also prepare a common size income statement and balance sheet.

FYE18 Income Statement			FYE18 Balance Sheet
(in M$)
Revenue	7,658		Cash & Securities	949
			Receivables	211
Fuel	1,899		Inventory	78
Salaries & Benefits	2,044		Pre-Paid	298
Landing Fees	420		Current Assets	1,536
Depreciation/Amortization	491		Prop., Plant & Eq.	11,453
Aircraft Rent	103		Accumulated Deprec.	3,138
Sales & Marketing	294		Net PP&E	8,315
Maintenance & Repair	625		Other Assets	575
Extraordinary Expense	435		Total Assets	10,426
Other Expenses	1,059
Total Expenses	7,370		Payables	1,472
Operating Income	288		Accruals	637
Interest Income/(Expense)	(69)		Curr. Portion of LTD	309
Income before Taxes	219		Current Liabilities	2,418
Taxes	31		LTD & Capital Leases	1,361
Net Income after Taxes	188		Other Long Term Liab.	2,036
Other:			Total Liabilities	3,397
Beta`	1.3		Common Stock & APIC	935
10-year Treasury	2.66%		Retained Earnings	3,676
Equity Market Return	8.18%		Total Equity	4,611
Capital Expenses	908		Total Liab. & Equity	10,426
Working Capital Increase	58