Ratio calcuation

You have been presented with the following selected information taken from the financial statements of Southwest Airlines Co.
Balance Sheet (partial)
December 31
(in millions)
2004 2003
Total current assets $ 2,172 $ 2,313
Noncurrent assets 9,165 7,565
Total assets $ 11,337 $ 9,878

Current liabilities $ 2,142 $ 1,723
Long-term liabilities 3,671 3,103
Total liabilities 5,813 4,826
Shareholders’ equity 5,524 5,052
Total liabilities and shareholders’ equity $ 11,337 $ 9,878

Other information:
2004 2003
Net income (loss) $ 313 $ 442
Income tax expense 176 266
Interest expense 88 91
Cash provided by operations 1,157 1,336
Capital expenditures 1,775 1,238
Cash dividends 14 14

Note 8. Leases
The majority of the Company’s terminal operations space, as well as 88 aircraft, were under operating leases at December 31, 2004. Future minimum lease payments under non-cancelable operating leases are as follows: 2005, $343,000; 2006, $279,000; 2007, $256,000; 2008, $226,000; 2009, $204,000; after 2009, $1,369,000.
a. Calculate each of the following ratios for 2004 and 2003.
1. Current ratio.
2. Free cash flow.
3. Debt to total assets.
4. Times interest earned ratio.
b. Comment on the trend in ratios.
c. Read the company’s note on leases. If the operating leases had instead been accounted for like a purchase, asset and liabilities would increase by approximately $1,500 million. Recalculate the debt to total assets ratio for 2004 in light of this information, and discuss the implications for analysis.

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