The following information was reported in the December 31, 2012, financial statements of Southeast Airlines, Inc. (listed alphabetically, amounts in millions).

Accounts Payable $4,155

Accounts Receivable 700

Aircraft Fuel Expense 9,900

Cash 3,090

Common Stock 1,280

Dividends 15

Equipment 15,810

Income Tax Expense 310

Interest Expense 250

Landing Fees Expense 4,300

Notes Payable 7,010

Repairs and Maintenance Expense 2,400

Retained Earnings (as of December 31, 2012) 7,895

Salaries and Wages Expense 3,460

Supplies 740

Ticket Revenues 23,100

Prepare an income statement for the year ended December 31, 2012.

Income statement or profit and loss account is a statement that tell the profit of the company. The detail of income and expenses are also given in this statement. The income statement of Southeast Airlines, Inc. is given below.

Southeast Airlines, Inc.

Income Statement

For the year ended at December 31, 2012.

Dollars ($) in Millions

Ticket Revenues 23,100

Salaries and Wages Expense (3,460)

Repairs and Maintenance Expense (2,400)

Landing Fees Expense (4,300)

Aircraft Fuel Expense (9,900)

Operating Profit 3,040

Interest Expense (250)

Profit Before Tax 2,790

Income Tax Expense (310)

Profit After Tax (Net profit) 2,480