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Required information [The following information applies to the questions displayed below.] The following information was reported in the December 31 financial statements of National Airways,

Required information [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 $4,095 720 10,100 3,110 1,290 25 16,050 330 Interest Expense 270 Landing Fees Expense 4,500 Notes Payable 7,020 Repairs and Maintenance Expense 2,600 Retained Earnings (as of December 31) 8,225 Salaries and Wages Expense 3,490 Supplies Ticket Revenues 750 24,100 3. Prepare a balance sheet at December 31. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.).) Answer is not complete. NATIONAL AIRWAYS, Incorporated Balance Sheet At December 31 (Amounts in millions) Cash Accounts Receivable Supplies Equipment Assets $ 3,110 720 750 16,050 $ 20,630 Liabilities Accounts Payable $ 4,095 Notes Payable 7,020 11,115 Stockholders' Equity Common Stock 1,290 Retained Earnings 8,225 9,515 20,630

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