Review the following excerpt from the 2009 consolidated statement of income for Southwest...

Review the following excerpt from the 2009 consolidated statement of income for Southwest Airlines Co. Answer the questions that follow.

Analyze:

1. Although the format for the heading of an income statement can vary from company to company, the heading should contain the answers to who, what, and when. List the answers to each question for the statement presented above.

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2. What three types of revenue are reflected on this statement?

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3. The net income of $99,000,000 reflected on Southwest Airlines Co.’s consolidated statement of income for 2009 will be transferred to the next financial statement to be prepared. Net income is needed to complete which statement?

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Analyze Online: Find the Investor Relations section of the Southwest Airlines Co. Web site (www.southwest.com) and answer the following questions.

4. What total operating revenues did Southwest Airlines Co. report for the most recent quarter?

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5. Find the most recent press release posted on the Web site. Read the press release, and summarize the topic discussed. What effect, if any, do you think this will have on company earnings? Why?