The following information was reported in the december 31 20

O ezto mneducation.com/nm.tpx Line roiiowing i ntormation applies to tne questions aispiayea peiow The following information was reported in the December 31, 2012, financial statements of Southwest Airlines Inc. (isted alphabetically, amounts in millions) Accounts Payable Accounts Receivable Aircraft Fuel Expense Cash 4,650 580 8,700 2,970 1,220 20 14,370 260 130 3,100 6,950 1,200 Retained Earnings (as of December 31, 2012) 5,780 3,280 680 17100 Common Stock Equipment Income Tax Expense Interest Expense Landing Fees Expense Notes Payable Repairs and Maintenance Expense Salaries and Wages Expense Ticket Revenues Referenc Section Break M1-16 Proparing an Income Statement Statement of Retained Earnings, and Balance Sheet (LO 1-2, LO 1-3 Type here to search D e

Solution

Income statement :

Revenue :
Ticket revenue	17100
Total revenue	17100
Expenses :
Salaries and wages expenses	3280
Aircraft fuel expenses	8700
Landing fees expenses	3100
Interest expenses	130
Repairs and maintenance	1200
Total expenses	16410
Income before tax	690
Less: Income tax	260
Net income	430