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The following balances were extracted from the accounting records of Falcon Airlines as of December 31, 2021 ACCOUNT DESCRIPTION BALANCE Cash-Checking (9,085) Cash-Money market 42,511
The following balances were extracted from the accounting records of Falcon Airlines as of December 31, 2021 | |
ACCOUNT DESCRIPTION | BALANCE |
Cash-Checking | (9,085) |
Cash-Money market | 42,511 |
Amounts receivable trade | 123,876 |
Expendable parts inventory | 70,585 |
Funiture and fixtures | 27,328 |
Accumulated depreciation | 17,690 |
Other non-current assets | 35,000 |
Prepaid Expenses | 10,000 |
Air traffic liability | 108,518 |
Accrued expenses | 3,068 |
Accounts payable | 12,097 |
Federal income tax payable | 2,960 |
Non-current notes payable | 57,500 |
Frequent flyer deferred revenue | 37,500 |
Capital stock | 90,000 |
Reatined earnings Jan 1, 2021 | (43,335) |
Passenger revenue | 952,750 |
Cargo revenue | 168,125 |
Other revenue | 320 |
Passenger service expense | 123,665 |
Contracted services expense | 262,118 |
Passenger commissions & other selling expenses | 237,158 |
Profit sharing expense | 211,328 |
Aircraft rent | 35,398 |
Landing fees and other costs | 7,464 |
Advertising expense | 1,919 |
Depreciation expense | 8,917 |
Insurance expense | 5,495 |
Aircraft fuel expense | 96,250 |
Salaries and related costs | 54,035 |
Rent expense | 18,000 |
Interest expense | 9,996 |
Professional fees | 11,963 |
Travel expense | 6,710 |
Aircraft maintenance expense | 584 |
Office expense | 2,467 |
Income tax expense | 2,509 |
Utililities expense | 3,523 |
Telephone expense | 7,481 |
No dividends were paid during the year
Prepare a Income Statement and Balance Sheet |
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