US$ in millions 12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Net income 33,364 21,331 11,588 Depreciation and amortization of property and equipment and capitalized content costs, operating lease assets, and other 34,296 25,251 21,789 Stock-based compensation Other operating (income) expense, net Other (income) expense, net Deferred income taxes Inventories Accounts receivable, net and other Accounts payable 12,757 9,208 6,864 137 (71) 164 (14,306) (2,582) (249) (310) (554) 796 (9,487) (2,849) (3,278) (18,163) (8,169) (7,681) 3,602 17,480 8,193 Accrued expenses and other 2,123 5,754 (1,383) Unearned revenue 2,314 1,265 1,711 Changes in operating assets and liabilities (19,611) 13,481 (2,438) Adjustments to reconcile net income to net cash from operating activities 12,963 44,733 26,926 Net cash provided by operating activities 46,327 66,064 38,514 Purchases of property and equipment (61,053) (40,140) (16,861); Proceeds from property and equipment sales and incentives 5,657 5,096 4,172 Acquisitions, net of cash acquired, and other (1,985) (2,325) (2,461) Sales and maturities of marketable securities Purchases of marketable securities Net cash used in investing activities Proceeds from short-term debt, and other Repayments of short-term debt, and other Proceeds from long-term debt Repayments of long-term debt 59,384 50,237 22,681 (60,157) (72,479) (31,812) (58,154) (59,611) (24,281) 7,956 6,796 1,402 (7,753) (6,177) (1,518) 19,003 10,525 871 (1,590) (1,553) (1,166) Principal repayments of finance leases (11,163) (10,642) (9,628) Principal repayments of financing obligations (162) (53) (27) Net cash provided by (used in) financing activities 6,291 (1,104) (10,066) Foreign currency effect on cash, cash equivalents, and restricted cash (364) 618 70 Net increase (decrease) in cash, cash equivalents, and restricted cash (5,900) 5,967 4,237 Financial leverage: j. Calculate the debt ratio and the debt/equity ratio as of the most recent balance sheet date. k. Based on the results of your calculations in part j, assess the company's overall leverage position. What would you estimate the industry averages to be for the debt ratio and debt/equity ratio? Explain. 1. Explain the relationship between ROI and ROE, and the concept of financial leverage. Would you expect the percentage difference between ROI and ROE to be high or low for a firm that makes substantial use of financial leverage