The following information applies to the questions displayed below.] Fedex Corpo
ID: 2339335 • Letter: T
Question
The following information applies to the questions displayed below.] Fedex Corporation reported its balance sheet at May 31, 2013. Assume the following alphabetically listed accounts were included in its trial balance immediately prior to preparing the financial statements FEDEX CORPORATION Adjusted Trial Balance At May 31, 2013 (millions of dollars) Debit $ 6,000 5,900 Credit $ 3,900 20,600 3,700 Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Common Stock Depreciation Expense Dividends Equipment Goodwill Income Tax Expense Income Tax Payable Interest Expense Interest Receivable Interest Revenue Notes Payable (long-term) Notes Payable (short-term) Office Expenses Prepaid Rent Rent Expense Repairs and Maintenance Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Service Revenue Supplies Transportation Expense 3,400 270 40,100 4,800 1,400 1,400 200 110 120 8,700 800 7,640 1,350 3,500 2,900 16,500 17,600 2,700 50,200 550 12,900 $108,620 $108,620Explanation / Answer
FEDEX Corporation
Income statement
For the year ended May 31, 2013
Revenue
Interest revenue
120
Service revenue
50200
Total Revenue
50320
Less: Expense
Office expense
7640
Transportation expense
12900
Salaries and wages expense
17600
Rent expense
3500
Interest expense
200
Depreciation expense
3400
Income tax expense
1400
Repair and maintenance expense
2900
Total Expense
49540
Net income
780
FEDEX Corporation
Retained earnings
For the year ended May 31, 2013
Beginning retained earning
16500
Add: net income
780
Less: dividend
270
Ending retained earning
17010
FEDEX Corporation
Balance sheet
Assets
Current assets
Cash
5900
Supplies
550
Account receivable
6000
Interest receivable
110
Prepaid rent
1350
Total current assets
13910
Non- current assets
Goodwill
4800
Equipment
40100
Accumulated depreciation – Equipment
-20600
Net Equipment
19500
Total assets
38210
Liability and stockholder's equity
Current liability
Account payable
3900
Income tax payable
1400
Salaries and wages payable
2700
Notes payable (short term)
800
Total current liability
8800
Non-current liability
Notes payable (Long term)
8700
Total non-current liability
8700
Total liability
17500
Stockholder's equity
Common stock
3700
Retained earnings
17010
Total stockholder's equity
20710
Total liability and stockholder's equity
38210
FEDEX Corporation
Income statement
For the year ended May 31, 2013
Revenue
Interest revenue
120
Service revenue
50200
Total Revenue
50320
Less: Expense
Office expense
7640
Transportation expense
12900
Salaries and wages expense
17600
Rent expense
3500
Interest expense
200
Depreciation expense
3400
Income tax expense
1400
Repair and maintenance expense
2900
Total Expense
49540
Net income
780
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.