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 $4,315 660 9,500 3,050 1,260 35 15,330 270 Income Tax Expense Interest Expense 210 Landing Fees Expense 3,900 Notes Payable 6,990 Repairs and Maintenance Expense 2,000 Retained Earnings (as of December 31) 7,195 Salaries and wages Expense 3,400 Supplies 720 Ticket Revenues 21,100 1. Prepare an Income statement for the year ended December 31. (Enter your answers In millions (l.e., 10,000,000 should be entered as 10.).) Revenues Ticket Revenues NATIONAL AIRWAYS, Incorporated Income Statement For the Year Ended December 31 (Amounts in millions) 21,100 Total Revenues 21,100 Expenses Aircraft Fuel Expense 9,500 Repairs and Maintenance Expense 2,000 Income Tax Expense 270 Interest Expense 210 Landing Fees Expense 3,900 Salaries and Wages Expense 3,400 Total Expenses Net Income 19,280 1,820 ! 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 $4,315 660 9,500 3,050 1,260 35 15,330 Income Tax Expense 270 Interest Expense 210 Landing Fees Expense 3,900 Notes Payable 6,990 Repairs and Maintenance Expense 2,000 Retained Earnings (as of December 31) 7,195 Salaries and Wages Expense 3,400 Supplies 720 Ticket Revenues 21,100 2. Prepare a statement of retained earnings for the year ended December 31. TIP: Assume the balance in Retained Earnings was $5,410 (million) at January 1. (Enter your answers in millions (l.e., 10,000,000 should be entered as 10.).) NATIONAL AIRWAYS, Incorporated Statement of Retained Earnings For the Year Ended December 31 (Amounts in millions) Retained Earnings, January 1 Add: Net Income Less: Dividends Retained Earnings, December 31 $ 5,410 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 $4,315 660 9,500 3,050 1,260 35 15,330 270 Interest Expense 210 Landing Fees Expense 3,900 Notes Payable 6,990 Repairs and Maintenance Expense 2,000 Retained Earnings (as of December 31) 7,195 Salaries and wages Expense 3,400 Supplies Ticket Revenues 720 21,100 3. Prepare a balance sheet at December 31. (Enter your answers In millions (l.e., 10,000,000 should be entered as 10.).) NATIONAL AIRWAYS, Incorporated Balance Sheet At December 31 (Amounts in millions) 0 ! 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 $4,315 660 9,500 3,050 1,260 35 15,330 270 Interest Expense 210 Landing Fees Expense 3,900 Notes Payable 6,990 Repairs and Maintenance Expense 2,000 Retained Earnings (as of December 31) 7,195 Salaries and wages Expense 3,400 Supplies Ticket Revenues 720 21,100 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. Liabilities O Stockholders' Equity