Q1. Complete the common-size statements for 2010 by dividing each amount on the Statement of Cash Flows by the amount of NCOA of the same year.

Q2. LUV made payments on long-term debt during (____________ / ____________ / 2009).
Q3. LUV issued additional shares of common stock during (2011 / ____________ / ____________).
Q4. During 2011 the greatest source of cash was (____________ / selling PPE / issuing debt) and the greatest use of cash was (____________ / paying back debt / paying cash dividends).
Q5. Total cash increased during (2011 / ____________ / 2009) and decreased during (____________ / 2010 / ____________).

Southwest Airlines (LUV) STATEMENT OF CASH FLOWS Common-Size 2009 10% 62% 19% 2010 2011 13% 52% 21% 14% Net income Depreciation expense Changes in working capital Other operating changes, net Cash from operating activities (NCOA) (Purchase) proceeds of PPE (Purchase) proceeds of investments Other investing changes, net Cash from investing activities NCIA) Issue (payment) of debt Issue (repurchase) of stock Payment of dividends Other financing changes, net Cash from financing activities NCFA) 100% -70% -3% -3% 100% 100% 59% -100% -159% 37%-5% 2% 81% -76% -42% 13% 10% 1% -2% -5% -55% 10% 3390 Net Change in cash -31% -26%