Suppose you have been presented with selected information taken from the financial statements of Southwest Airlines Co. 

a. Calculate each of the following ratios for 2022 and 2021. 

1. Current ratio. 

2. Free cash flow. 

3. Debt to assets ratio. 

4. Times interest earned. 

b. Comment on the trend in ratios.

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Southwest Airlines Co. Balance Sheet (partial) December 31 (in millions) 2022 2021 $ 2,893 11,415 $ 4,443 Total current assets Noncurrent assets 12,329 Total assets $14,308 $16,772 $ 2,806 $ 4,836 Current liabilities Long-term liabilities 6,549 4,995 Total liabilities 9,355 9,831 Shareholders' equity 4,953 6,941 Total liabilities and shareholders' equity $16,772 $14,308 Other information: 2022 2021 $ 178 $ 645 Net income (loss) Income tax expense Interest expense Cash provided by operations Capital expenditures Cash dividends 100 413 130 119 (1,521) 2,845 923 1,331 13 14