A condensed income statement for Northeast Airlines and a partially completed vertical analysis are presented below. Required: 1. Complete the vertical analysis by computing each missing line item as a percentage of sales revenues. (Round your answers to the nearest whole percent.) NORTHEAST AIRLINES Income Statement (summarized) For the Year Ended December 31 (in millions of U.S. dollars) 2016 2015 Sales Revenues $ 20,925 100 % $ 20,320 100 % Salaries and Wages Expense 6,823 33 6,408 Fuel, Oil, Repairs, and Maintenance 4,717 4,646 Other Operating Expenses 5,200 4,725 23 Other Expenses (Revenues) 238 1 652 3 Income before Income Tax Expense 3,947 19 3,889 19 Income Tax Expense 1,370 7 1,361 7 Net Income $ 2,577 % $ 2,528

A condensed income statement for Northeast Airlines and a partially completed vertical analysis are presented below. Required: 1. Complete the vertical analysis by computing each missing line item as a percentage of sales revenues. (Round your answers to the nearest whole percent.) NORTHEAST AIRLINES Income Statement (summarized) For the Year Ended December 31 (in millions of U.S. dollars) 2016 2015 Sales Revenues $ 20,925 100 % $ 20,320 100 % Salaries and Wages Expense 6,823 33 6,408 Fuel, Oil, Repairs, and Maintenance 4,717 4,646 Other Operating Expenses 5,200 4,725 23 Other Expenses (Revenues) 238 1 652 3 Income before Income Tax Expense 3,947 19 3,889 19 Income Tax Expense 1,370 7 1,361 7 Net Income $ 2,577 % $ 2,528

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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