The following information was reported in the December 31 financial statements of National Airways, Incorporated...
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Accounting
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 $4,125 710 10,000 3,100 1,285 20 15,930 320 260 4,400 7,015 2,500 8,060 3,475 745 23,600 2. Prepare a statement of retained earnings for the year ended December 31. TIP: Assume the balance in Retained Earnings was $5,435 (million) at January 1. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.).) NATIONAL AIRWAYS, Incorporated Statement of Retained Earnings For the Year Ended December 31 (Amounts in millions) Retained Eamings, January 1 $ 5,435 Retained Earnings, December 31
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