Suppose the following data are derived from the 2022 fi nancial statements of Southwest Airlines. (All dollars are in millions.) Southwest has a December 31 year-end. 

Instructions 

a. After analyzing the data, prepare a statement of cash flows for Southwest Airlines for the year ended December 31, 2022. 

b. Discuss whether the company’s net cash provided by operating activities was sufficient to finance its investing activities. If it was not, how did the company finance its investing activities?

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Cash balance, January 1, 2022 Cash paid for repayment of debt Cash received from issuance of common stock Cash received from issuance of long-term debt Cash received from customers Cash paid for property and equipment Cash paid for dividends Cash paid for repurchase of common stock Cash paid for goods and services $1,390 122 144 500 9,823 1,529 14 1,001 6,978