Required information. M1-16 (Algo) Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet [LO...

Transcribed Image Text:

Required information. M1-16 (Algo) Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet [LO 1- 2, LO 1-3] [The following information applies to the questions displayed below] The following information was reported in the December 31 financial statements of National Airways, Incorporated (listed alphabetically, amounts in millions). Accounts Payable Accounts Receivable Aircraft Fuel Expense Cash Common Stock Dividends Equipment Income Tax Expense Interest Expense Landing Fees Expense Notes Payable Repairs and Maintenance Expense Retained Earnings (as of December 31) Salaries and Nages Expense Supplies Ticket Revenues $4,065 730 10,200 3,120 1,295 30 16,170 340 200 4,600 7,025 2,700 8,390 3,505 755 24,600 M1-16 (Algo) Part 1 1. Prepare an income statement for the year ended December 31. (Enter your answers in millions (ie., 10,000,000 should be entered as 10.).) NATIONAL AIRWAYS, Incorporated Income Statement (Amounts in millions) Required information. M1-16 (Algo) Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet [LO 1- 2, LO 1-3] [The following information applies to the questions displayed below] The following information was reported in the December 31 financial statements of National Airways, Incorporated (listed alphabetically, amounts in millions). Accounts Payable Accounts Receivable Aircraft Fuel Expense Cash Common Stock Dividends Equipment Income Tax Expense Interest Expense Landing Fees Expense Notes Payable Repairs and Maintenance Expense Retained Earnings (as of December 31) Salaries and Nages Expense Supplies Ticket Revenues $4,065 730 10,200 3,120 1,295 30 16,170 340 200 4,600 7,025 2,700 8,390 3,505 755 24,600 M1-16 (Algo) Part 1 1. Prepare an income statement for the year ended December 31. (Enter your answers in millions (ie., 10,000,000 should be entered as 10.).) NATIONAL AIRWAYS, Incorporated Income Statement (Amounts in millions)