Question
The following information was reported in the December 31 financial statements of National Airways, Incorporated (listed alphabetically, amounts in millions). Accounts Payable $4,095 Accounts Receivable
The following information was reported in the December 31 financial statements of National Airways, Incorporated (listed alphabetically, amounts in millions). Accounts Payable $4,095 Accounts Receivable 720 Aircraft Fuel Expense 10,100 Cash 3,110 Common Stock 1,290 Dividends 25 Equipment 16,050 Income Tax Expense 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 750 Ticket Revenues 24,100 Prepare an income statement for the year ended December 31.
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