Required information
M1-16 (Algo) Preparing an income Statement, Statement of Retained Earnings, and Balance Sheet [LO 1-
2, LO 1-3]
[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
Interest Expense
Landing Fees Expense
Notes Payable
Repairs and Maintenance Expense
Retained Earnings (as of December 31)
Salaries and Wages Expense.
Supplies
Ticket Revenues
$4,255
680
9,700
3,070
1,270
45
15,570
290
230
4,100
7,000
2,200
7,525
3,430
730
22,100
