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Required information M1-16 Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet [LO 1-2, LO 1- 3]
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Answer #1
NATIONAL AIRWAYS INC
Income Statement
For the year ended December 31,2017
( Amount in millions)

Revenues:

Ticket Revenues $21,100
Total Revenue. (a) $21,100

Expense:

Salaries and wages expense $3400
Aircraft Fuel Expense $9500
Repair and Maintenance Expense $2000
Landing Fees Expense $3900
Interest Expense $210
Income Tax Expense $270
Total Expense. (b) $19,280
Net Income ( a-b)   $1820
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