20 + The following information was reported in the December 31 financial statements of National Airways, 2 Incorporated (listed alphabetically, amounts in millions). 3 4 Accounts Payable $4,650 5 Accounts Receivable 580 6 Aircraft Fuel Expense 8,700 7 Cash 2,970 8 Common Stock 1,220 9 Dividends 10 Equipment 14,370 11 Income Tax Expense 260 12 Interest Expense 130 13 Landing Fees Expense 3,100 14 Notes Payable 6,950 15 Repairs and Maintenance Expense 1,200 16 Retained Earnings (as of December 31) 5,780 17 Salaries and Wages Expense 3,280 18 Supplies 680 19 Ticket Revenues 17,100 20 21 Required: 22 1. Prepare an income statement for the year ended December 31. > Fnter your answers in millions de 10.000.000 chould he antered a 1011 Graded Worksheet + Calculation Mode: Automatic Workbook Statistics D E 21 Required: 22 1. Prepare an income statement for the year ended December 31. 23 (Enter your answers in millions (i.e., 10,000,000 should be entered as 10...) 24 (All numbers should appear as positive numbers.) 25 26 NATIONAL AIRWAYS, Incorporated 27 Income Statement 28 29 (Amounts in millions) 30 31 32 33 34 35 36 37 38 39 40 41 42 43 4 = Graded Worksheet + Calculation Mode: Automatic Workbook Statistics 45 2. Prepare a statement of retained earnings for the year ended December 31. 146 TIP: Assume the balance in Retained Earnings was $5,370 (million) at January 1. 47 (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.).) 48 (Use a cell reference to link this financial statement to the relevant cell in the preceding financial statement.) 49 (Amounts to be deducted should be indicated by a minus sign.) 50 51 NATIONAL AIRWAYS, Incorporated 52 Statement of Retained Earnings 53 54 (Amounts in millions) 55 Retained Earnings, January 1 $5,370 56 57 58 Retained Earnings, December 31 59 3. Prepare a balance sheet at December 31. (Enter your answers in millions (l.e., 10,000,000 should be entered as 10.).) (Use a cell reference to link this financial statement to the relevant cell in the preceding financial statement.) NATIONAL AIRWAYS, Incorporated Balance Sheet (Amounts in millions) B6 4. Using the balance sheet, indicate whether the total assets of National Airways at the end 87 of the year were financed primarily by liabilities or stockholders' equity 88