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

 

Transcribed Image Text:

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 $3,975 760 10,500 3,150 1,310 45 16,530 370 Interest Expense 310 Landing Fees Expense 4,900 Notes Payable 7,040 Repairs and Maintenance Expense 3,000 Retained Earnings (as of December 31) 8,885 Salaries and Wages Expense 3,550 Supplies Ticket Revenues 770 26,100 2. Prepare a statement of retained earnings for the year ended December 31. TIP: Assume the balance in Retained Earnings was $5,460 (million) at January 1. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.).) 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 $3,975 760 10,500 3,150 1,310 45 16,530 370 Interest Expense 310 Landing Fees Expense 4,900 Notes Payable 7,040 Repairs and Maintenance Expense 3,000 Retained Earnings (as of December 31) 8,885 Salaries and Wages Expense 3,550 Supplies Ticket Revenues 770 26,100 2. Prepare a statement of retained earnings for the year ended December 31. TIP: Assume the balance in Retained Earnings was $5,460 (million) at January 1. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.).)

Answer rating: 100% (QA)

To prepare the statement of retained earnings for the year ended December 31 we need to use t... View the full answer