Income Statements for Xcel Energy from 2011 to 2013 appear below.

a. Enter the data into your worksheet. Assume that Cost of Revenue and Operation and Maintenance costs are variable. Depreciation and Other operating expenses are fixed costs. Ignore Other income when calculating EBT for the questions below.
b. Given that Xcel Energy is a power company, would you expect that it would have more operating leverage or financial leverage?
c. Calculate the degree of operating leverage for each year using the assumptions from part a.
d. Calculate the degree of financial leverage for each year.
e. Calculate the degree of combined leverage for each of the three years. Does it appear that Xcel's leverage measures have been increasing or decreasing over this period?
f. Create a line chart that shows how the various leverage measures have changed over this three-year period.

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Xcel Energy Incorporate Annual Income Statements For the Years 2011 to 2013 (S in millions) 2011 2013 10,655 10,128 10,915 5,135 5,780 2274 978 681 1,848 575 160 1,432 484 948 2012 Kevenie Cost ofrevenue Gross profit Operation andmaintenance Depreciation andamortization Other operating expenses Operating income Interest Expense Other income Income before income taxes Provision forincome taxes Netincome Preferred dividend Netincome available to 5,186 4,534 5,469 S,S94 2,1402,176 926 669 1,823 602 134 1.335 450 90S 891 656 1,782 591 119 1.310 468 841 S34 90S 948 mmon shareholders Basic Shares Outstanding Basic EPS Tax Rate 485 1.72 35.73% 488 1.86 33.21% 496 1.91 33.80%