The following information was reported in the December 31 financial statements of National Airways, Incorporated (listed...

  

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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. Accounts Receivable Aircraft Fuel Expense Cash Common Stock Dividends Equipment Income Tax Expense Interest Expense Landing Fees Expense Notes Payable Repairs and Maintenance Expense Retained Earnings (as of December 31) Salaries and Wages Expense Supplies Ticket Revenues $4,125 710 10,000 3,100 1,285 20 15,930 320 260 4,400 7,015 2,500 8,060 3,475 745 21,600 3. Prepare a balance sheet at December 31. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.).) 4. Using the balance sheet, indicate whether the total assets of National Airways at the end of the year were financed primarily by liabilities or stockholders' equity. 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 Interest Expense Landing Fees Expense Notes Payable Repairs and Maintenance Expense Retained Earnings (as of December 31) Salaries and Wages Expense Supplies Ticket Revenues $4,125 710 10,000 3,100 1,285 20 15,930 320 260 4,400 7,015 2,500 8,060 3,475 745 21,600 3. Prepare a balance sheet at December 31. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.).) 4. Using the balance sheet, indicate whether the total assets of National Airways at the end of the year were financed primarily by liabilities or stockholders' equity.