QuestionQuestion

Millions
Accounts Payable         $1,731      Other Assets   $ 2,581
Accounts Receivable         845      Other Liabilities   3,107
Aircraft Fuel Expense      2,536    Other Operating Expenses 2,145
Cash                               2,213    Other Revenue            336
Contributed Capital          2,153    Property and Equipment    10,874
Dividends                         14         Repairs and Maintenance Expense 616
Income Tax Expense       413       Retained Earnings (as of December 31, 2007)4,788
Interest Expense                69       Salaries Expense      3,213
Landing Fees Expense    560       Supplies       259
Notes Payable                4,993      Ticket Revenues    9,861
1. Prepare an income statement for the year ended December 31, 2007.
2. Prepare a statement of retained earnings for the year ended December 31, 2007. TNP: Assume the balance in retained earnings was $4,157 (million) at January 1, 2007.
3. Prepare a balance sheet at December 31, 2007.
4. Using the balance sheet, indicate whether the total assets of Southwest Airlines at the end of the year were financed primarily by liabilities or stockholders' equity.

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