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[The following information applies to the questions displayed below] The following information was reported in the December 31 financial statements of National Airways, Incorporated
[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 $4,035 740 10,300 3,130 1,300 35 16,290 350 Interest Expense 290 Landing Fees Expense 4,700 Notes Payable 7,030 Repairs and Maintenance Expense 2,800 Retained Earnings (as of December 31) 8,555 Salaries and Wages Expense 3,520 Supplies Ticket Revenues 760 25,100 2. Prepare a statement of retained earnings for the year ended December 31. TIP: Assume the balance in Retained Earnings was $5,450 (million) at January 1. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.).) NATIONAL AIRWAYS, Incorporated
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