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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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