Required information M1-16 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, 2017, financial statements of National Airways, Inc. (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, 2017) Salaries and Wages Expense Supplies Ticket Revenues $ 4,045 770 10,600 3,160 1,315 50 16,650 388 320 5,000 7,045 3,100 8,950 3,565 775 26,600 M1-16 Part 4 4. Using the balance sheet, indicate whether the total assets of National Airways at the end of the year were financed primarily by liabilities or stockholders' equity. O Liabilities O Stockholders' Equity