Question

The following information was reported in the December 31, 2017, financial statements of National Airways, Inc. (listed alphabetically, amounts in millions). $ 4,225 690 9,800 3,080 1,275 50 15,690 300 240 4,200 7,005 2,300 7,690 3,445 735 22,600 Accounts Payable Accounts Receivable Aircraft Fuel Expense Cash Common Stock Dividends Equipment ncome 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 3. Prepare a balance sheet at December 31, 2017. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.).) NATIONAL AIRWAYS, INC. Balance Sheet (Amounts in millions) 0

Answer 1

NATIONAL AIRWAYS INC.
Balance Sheet
As on December 31, 2017
(Amounts in Millions)
Assets
Cash	$     3,080.00
Accounts receivables	$         690.00
Supplies	$         735.00
Equipment	$   15,690.00
Total Assets	$   20,195.00
Liabilities
Accounts payable	$     4,225.00
Notes payable	$     7,005.00
Total Liabilities	$   11,230.00
Shareholder's equity
Common stock	$     1,275.00
Retained earnings	$     7,690.00
Total Shareholder's equity	$     8,965.00
Total Liabilities and shareholder's equity	$   20,195.00