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Southwest Airlines is paid in advance for its ticket sales, recognizing a deferred revenue, called air traffic liability, when it receives the cash. The liability is then converted to revenue when the passenger takes the flight. During 2008 Southwest recognized passenger revenues in the amount of $10.5 billion. On the balance sheet Southwest reported air traffic liabilities of $963 million and $931 million as of the end of 2008 and 2007, respectively.
a. Explain why Southwest does not recognize revenue when it receives the payment from its customers.
b. What kind of a liability is air traffic liability? Discuss whether it should be considered current or long-term.
c. Compute the cash received by Southwest from passengers during 2008.
Mesa Company specializes in the production of small fancy picture frames, which are exported from the U.S. to the United Kingdom. Mesa invoices the exports in pounds and converts the pounds to dollars when they are received.
If the changes are made, what will be the company's return to equity? Do not round intermediate calculations. Round your answer to two decimal places.
Noah's Landing stock is expected to produce the following returns given the various states of the economy. What is the expected return on this stock?
Differentiate between various financial markets and institutions by comparing
a project has sales of 462000 costs of 274000 depreciation of 26000 interest expense of 3400 and a tax rate of 35
Consider the below mentioned statements: 1. A debt-equity ratio of 2:1 indicates that for every 1 unit of equity, the company can raise 2 units of debt. 2. The cost of floating a debt is greater than the cost of floating an equity issue. State Tru..
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The term structure theory which predicts long-term interest rates will, on average, be higher than short-term interest rates is called
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Why do adjustable rate mortgages (ARMs) seem to be a more suitable alternative for mortgage lending than PLAMs?
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Show how Eastern Trading can use multilateral netting to minimize the foreign exchange transactions necessary to settle interaffiliate payments. If foreign exchange transactions cost the company .5 percent, what savings result from netting?
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