Applying the Accounting Equation and Assessing Financial Statement Linkages Answer the following questions. (????int: Apply the accounting equation.)

a. Intel had assets equal to $103,065 million and liabilities equal to $41,980 million for a recent yearend.

What was Intel’s total equity at year-end? Why would we expect a company like Intel to report a relatively high proportion of equity vis-à-vis liabilities?

b. At the beginning of a recent year, JetBlue’s assets were $7,839 million, and its equity was $2,529 million. During the year, assets increased $821 million, and liabilities increased $140 million. What was JetBlue’s equity at the end of the year?

c. What balance sheet account provides the link between the balance sheet and the income statement?

Briefly describe how this linkage works.