Question

prepare an income statement for the year ended december 31. (enter your answers in millions (i.e., 10,000,000 should be entered as 10.).)

Answer 1

The net income of NA Incorporation for month ending in December equals $2,150

An income statement is a financial document that summarizes a company's revenues, expenses and profits over a specific period.

The income statement is prepared as follows:

NA Incorporation

Income Statement

For the Month Ending December 31

Revenues:

Ticket revenue $22,100

Total revenues $22,100

Less: Expenses

Aircraft fuel expense $9,700
Repairs expense $2,200
Income tax expense $290
Internet expense $230
Landing fees expense $4,100
Salary and wages $3,430
Total expenses $19,950

Net Income $2,150.

Answer 2

The net income of NA Incorporation for month ending in December equals $2,150

An income statement is a financial document that summarizes a company's revenues, expenses and profits over a specific period.

The income statement is prepared as follows:

NA Incorporation

Income Statement

For the Month Ending December 31

Revenues:

Ticket revenue $22,100

Total revenues $22,100

Less: Expenses

• Aircraft fuel expense $9,700
• Repairs expense $2,200
• Income tax expense $290
• Internet expense $230
• Landing fees expense $4,100
• Salary and wages $3,430

Total expenses $19,950

Net Income $2,150

Therefore, the net income of NA Incorporation for month ending in December equals $2,150.

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