Question

The following information was reported in the December 31, 2017, financial statements of National Airways, Inc. (listed alphabetically, amounts in millions) $ 4,345 65e 9,40e 3,840 1,255 3e 15, 21e Accounts Payable Accounts Receivable Aircraft Fuel Expense Cash Common Stock Dividends Equipment Income Tax Expense Interest Expense Landing Fees Expense Totes Payable Repairs and Maintenance Expense Retained Earnings (as of December 31, 2017) Salaries and Mages Expense Supplies Ticket Revenues. 250 200 3,888 6,05 1988 7,03e 3.335 20.00 1. Prepare an income statement for the year ended December 31 2017 (Enter your answers in millions (ie.. 10.000.000 should be entered as 10.).)

Answer 1

20,600 20,600 National Airways, Inc. Income Statement For the Year Ended December 31, 2017 (Amounts in millions) Revenues: Ticket revenues Total revenue Expenses: Salaries and wages expense Aircraft fuel expense Repairs and maintenance expense Landing fees expense Interest expense Income tax expense Total expenses Net income $ 3,385 9,400 1,900 3,800 200 260 18,945 1,655