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Preparing a balance sheet and income statement. The accounting records of Jet Away Airlines reveal the following for the year ended September 30, 2008 (amounts in thousands):
September 30
Balance Sheet Items
2008
2007
Accounts Payable . . . . . . . . . . . . . . . . .
$ 157,415
$ 156,755
Accounts Receivable . . . . . . . . . . . . . . .
88,799
73,448
Cash . . . . . . . . . . . . . . . . . . . . . . . . . .
378,511
418,819
Common Stock . . . . . . . . . . . . . . . . . . .
352,943
449,934
Current Maturities of Long-Term Debt . . .
11,996
7,873
Inventories . . . . . . . . . . . . . . . . . . . . .
50,035
65,152
Long-Term Debt . . . . . . . . . . . . . . . . . .
623,309
871,717
Other Current Assets . . . . . . . . . . . . . . .
56,810
73,586
Other Current Liabilities . . . . . . . . . . . .
681,242
795,838
Other Noncurrent Assets . . . . . . . . . . . .
4,231
12,942
Other Noncurrent Liabilities . . . . . . . . . .
844,116
984,142
Property, Plant, and Equipment (net) . . . .
4,137,610
5,008,166
Retained Earnings . . . . . . . . . . . . . . . .
2,044,975
2,385,854
Income Statement Items
For the Year Ended September 30, 2008
Fuel Expense . . . . . . . . . . . . . . .
$ 892,415
Interest Expense . . . . . . . . . . . .
22,883
Interest Income . . . . . . . . . . . . .
14,918
Maintenance Expense . . . . . . . . .
767,606
Other Operating Expenses . . . . . .
1,938,753
Sales Revenue . . . . . . . . . . . . . .
4,735,587
Salaries and Benefits Expense . . . .
1,455,237
a. Prepare a comparative balance sheet for Jet Away Airlines as of September 30, 2008, and September 30, 2007 in the format used in Exhibit 1.1. Classify each balance sheet item into one of the following categories: current assets, noncurrent assets, current liabilities, noncurrent liabilities, and shareholders' equity.
b. Prepare an income statement for Jet Away Airlines for the year ended September 30, 2008. Separate income items into revenues and expenses.
c. Prepare a schedule explaining the change in retained earnings between September 30, 2007, and September 30, 2008.
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