Question

Required Information [The following information applies to the questions displayed below.] The following information was reported in the December 31, 2017, financial statements of National Airways, Inc. (listed alphabetically, amounts in millions). $ 4,285 670 9.680 3,060 1,265 4a 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, 2017) Salaries and Wages Expense Supplies Ticket Revenues 15,45€ 280 220 4.ee 6,995 2,180 7,360 3.415 725 21,600 1. Prepare an income statement for the year ended December 31, 2017. (Enter your answers In millions (I.e., 10,000,000 should be entered as 10.).)

Answer 1

NATIONAL AIRWAYS INC.
Income Statement
(Amount in millions)
Revenues:
Ticket revenues	21,600
Total revenues	$21,600
Expenses:
Aircraft fuel expense	9,600
Landing fee expense	4,000
Repairs and maintenance expenses	2,100
Salaries and wages expense	3,415
Interest expense	220
Income tax expense	280
Total Expenses	$19,615
Net Income	$1,985

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