Problem 1: The attached Excel file contains financial statements - income statements and balance sheets - for two companies operating major airlines - United Airlines Holdings, Inc. (ticker: UAL) and Spirit Airlines Inc. (ticker: SAVE) for the most recent four years (2019-2022), at least. The information was obtained from the Securities and Exchange Commission (SEC) Edgar database of corporate filings, from annual reports (10-K) of the two companies. Some accounts were aggregated for your convenience. The most recent fiscal year end for both firms is December 2022. Part 1: Calculate primary financial ratios of the two firms, including: 1) Profitability ratios 2) Efficiency ratios, including working capital ratios (Days of Receivables Outstanding, Days of Sales in Inventories, Days of Payables Outstanding) 3) 4) Part 2: Short-term solvency ratios Long-term solvency ratios Analyze most recent financial performance of the two firms, and answer the following questions: What happened to Return on Equity during the period? If Return on Equity changed, what were the financial causes of that change, judging from the income statement, balance sheet, and the ratios which you calculated above? Part 3: Do recent trends and current financial state of each of these two firms raise any concerns for the future? If so, why? Part 4: Which company - in your understanding - is enjoying better financial performance over the last four years? In which respects/why?

The attached Excel file contains financial statements - income statements and balance sheets - for two companies operating major airlines - United Airlines Holdings, Inc. (ticker: UAL) and Spirit Airlines Inc. (ticker: SAVE) for the most recent four years (2019-2022), at least. The information was obtained from the Securities and Exchange Commission (SEC) Edgar database of corporate filings, from annual reports (10-K) of the two companies. Some accounts were aggregated for your convenience. The most recent fiscal year end for both firms is December 2022. Part 1: Calculate primary financial ratios of the two firms, including: 1) Profitability ratios 2) Efficiency ratios, including working capital ratios (Days of Receivables Outstanding, Days of Sales in Inventories, Days of Payables Outstanding) 3) Short-term solvency ratios 4) Long-term solvency ratios Part 2; Analyze most recent financial performance of the two firms, and answer the following questions: What happened to Return on Equity during the period? If Return on Equity changed, what were the financial causes of that change, judging from the income statement, balance sheet, and the ratios which you calculated above? Part 3: Do recent trends and current financial state of each of these two firms raise any concerns for the future? If so, why