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The following information was reported in the December 31 financial statements of National Airways, Incorporated (listed alphabetically, amounts in millions). Accounts Payable $4,490 Accounts Receivable
The following information was reported in the December 31 financial statements of National Airways, Incorporated (listed alphabetically, amounts in millions).
Accounts Payable | $4,490 |
---|---|
Accounts Receivable | 610 |
Aircraft Fuel Expense | 9,000 |
Cash | 3,000 |
Common Stock | 1,235 |
Dividends | 35 |
Equipment | 14,730 |
Income Tax Expense | 220 |
Interest Expense | 160 |
Landing Fees Expense | 3,400 |
Notes Payable | 6,965 |
Repairs and Maintenance Expense | 1,500 |
Retained Earnings (as of December 31) | 6,345 |
Salaries and Wages Expense | 3,325 |
Supplies | 695 |
Ticket Revenues | 18,600 |
Prepare a statement of retained earnings for the year ending December 31. TIP: Assume the balance in Retained Earnings was $5,385 (million) on January 1.
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