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Income statement FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31: Depreciation Expense $2.61 Fuel Expense 3,720 Maintenance and Repairs Expense 2.099 Other Expense (Revenue) Net 9,121 Provision for Income Taxes 577 Purchased Transportation $8,483 Rentals and Landing Fees 2,682 Revenues 47.453 Salaries and Employee Benefits 17,110 Prepare an income statement.

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Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094

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Chapter
Section
BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
Publisher: Cengage Learning,
ISBN: 9781337272094
Chapter 4, Problem 4.7EX
Textbook Problem
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Income statement

FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31:

Depreciation Expense $2.61
Fuel Expense 3,720
Maintenance and Repairs Expense 2.099
Other Expense (Revenue) Net 9,121
Provision for Income Taxes 577
Purchased Transportation $8,483
Rentals and Landing Fees 2,682
Revenues 47.453
Salaries and Employee Benefits 17,110

Prepare an income statement.

To determine

Financial statement

A financial statement is the complete record of financial transactions that take place in a company at a particular point of time. It provides important financial information like assets, liabilities, revenues and expenses of the company to its internal and external users. It helps them to know the exact financial position of the company. There are four basic financial statements; they are:

  • Balance Sheet
  • Income statement
  • Statement of owners’ equity
  • Statement of cash flows

Income statement: The financial statement which, reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular period is referred to as income statement.

To Prepare: An income statement for the year ended May 31.

Explanation of Solution

F Corporation
Income Statement
Year Ended May 31
Particulars Amount ($) Amount ($)
Revenues:    
Revenues   47,453
Expenses:    
Depreciation Expense 2,611  
Fuel Expense

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Chapter 4 Solutions

Accounting
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Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Statement of owner's equity Marcie Davies owns and...Ch. 4 - Statement of owner's equity Blake Knudson owns and...Ch. 4 - Classified balance sheet The following accounts...Ch. 4 - Classified balance sheet The following accounts...Ch. 4 - Closing entries After the accounts have been...Ch. 4 - Closing entries After the accounts have been...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Working capital and current ratio Current assets...Ch. 4 - Working capital and current ratio Current assets...Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Classifying accounts Balances for each of the...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Income statement The following account balances...Ch. 4 - Income statement; net loss The following revenue...Ch. 4 - Income statement FedEx Corporation had the...Ch. 4 - Statement of owners equity Apex Systems Co. offers...Ch. 4 - Statement of owners equity; net loss Selected...Ch. 4 - Classifying assets Identify each of the following...Ch. 4 - Balance sheet classification At the balance sheet...Ch. 4 - Balance sheet Optimum Weight Loss Co. offers...Ch. 4 - Balance sheet List the errors you find in the...Ch. 4 - Identifying accounts to be closed From the list...Ch. 4 - Closing entries Prior to closing, total revenues...Ch. 4 - Closing entries with net income Assume that the...Ch. 4 - Closing entries with net loss Stylist Services Co....Ch. 4 - Identifying permanent accounts Which of the...Ch. 4 - Post-closing trial balance An accountant prepared...Ch. 4 - Steps in the accounting cycle Rearrange the...Ch. 4 - Working capital and current ratio The following...Ch. 4 - Working capital and current ratio The following...Ch. 4 - Completing an end-of-period spreadsheet List (a)...Ch. 4 - Adjustment data on an end-of-period spreadsheet...Ch. 4 - Completing an end-of-period spreadsheet Alert...Ch. 4 - Financial statements from an end-of-period...Ch. 4 - Adjusting entries from an end-of-period...Ch. 4 - Closing entries from an end-of-period spreadsheet...Ch. 4 - Reversing entry The following adjusting entry for...Ch. 4 - Adjusting and reversing entries On the basis of...Ch. 4 - Adjusting and reversing entries On the basis of...Ch. 4 - Entries posted to wages expense account Portions...Ch. 4 - Entries posted to wages expense account Portions...Ch. 4 - Financial statements and closing entries Beacon...Ch. 4 - Financial statements and closing entries Finders...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - Financial statements and closing entries Last...Ch. 4 - Financial statements and closing entries The...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - The unadjusted trial balance of PS Music as of...Ch. 4 - Kelly Pitney began her consulting business, Kelly...Ch. 4 - Ethics in Action New Wave Images is a graphics...Ch. 4 - Communication Your friend, Daniel Nat, recently...Ch. 4 - Financial statements The following is an excerpt...Ch. 4 - Financial statements Assume that you recently...

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