Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 4, Problem 4.7EX
Income statement
FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31:
| $2,587 | |
| Fuel Expense | 4,557 |
| Maintenance and Repairs Expense | 1,862 |
| Other Expense (Income) Net | 6,084 |
| Provision for Income Taxes | 1,192 |
| Purchased Transportation | $ 8,011 |
| Rentals and Landing Fees | 2,622 |
| Revenues | 45,567 |
| Salaries and Employee Benefits | 16,555 |
A. Prepare an income statement.
B. Compare your income statement with the income statement that is available at FedEx’s Web site (http://investors.feclex.com). Under Annual Report, select Download PDF. What similarities and differences do you see?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
A company reports the following income statement and balance sheet information for the current year:
Net income
$128,290
Interest expense
11,157
Average total assets
1,811,000
Determine the return on total assets. Round the percentage to one decimal place.fill in the blank 1 %
Return on Total Assets
A company reports the following income statement and balance sheet information for the current year:
Net income
$572,580
Interest expense
101,040
Average total assets
6,180,000
Determine the return on total assets. If required, round the answer to one decimal place. %
A company reports the following income statement and balance sheet information for the current year:
Net income
$435,590
Interest expense
76,870
Average total assets
4,380,000
Determine the return on total assets. If required, round the answer to one decimal place.
%
Chapter 4 Solutions
Corporate Financial Accounting
Ch. 4 - Prob. 1DQCh. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Why are closing entries required at the end of an...Ch. 4 - Prob. 6DQCh. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQCh. 4 - What is the natural business year?Ch. 4 - Recent fiscal years for several well-known...
Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Retained earnings statement Blake Knudson owns and...Ch. 4 - Classified balance sheet The following accounts...Ch. 4 - Prob. 4.4BECh. 4 - Accounting cycle From the following list of steps...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 - Retained earnings statement Climate Control...Ch. 4 - Retained earnings statement; 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 Dynamic Weight Loss Co. offers...Ch. 4 - Prob. 4.13EXCh. 4 - Identifying accounts to be closed From the list...Ch. 4 - Closing entries Prior to its closing, Income...Ch. 4 - Closing entries with net income After all revenue...Ch. 4 - Closing entries with net loss Rainbow 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 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.22EXCh. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.24EXCh. 4 - Prob. 4.25EXCh. 4 - Prob. 4.26EXCh. 4 - Appendix 2 Reversing entry The following adjusting...Ch. 4 - Appendix 2 Adjusting and reversing entries On the...Ch. 4 - Appendix 2 Adjusting and reversing entries On the...Ch. 4 - Appendix 2 Entries posted to wages expense account...Ch. 4 - Appendix 2 Entries posted to wages expense account...Ch. 4 - Financial statements and closing entries Lamp...Ch. 4 - Financial statements and closing entries Foxy...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 - Prob. 4.3BPRCh. 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 - Continuing Company Analysis- Amazon: Working...Ch. 4 - Under Armour: Current ratio The following year-end...Ch. 4 - Prob. 4.3ADMCh. 4 - Google and Microsoft: Current ratio Google, Inc....Ch. 4 - Prob. 4.1TIFCh. 4 - Communication Your friend, Daniel Nat, recently...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.arrow_forwardReturn on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income $418,290 Interest expense 73,810 Average total assets 3,700,000 Determine the return on total assets. If required, round the answer to one decimal place.fill in the blank 1 %arrow_forwardSelected income statement data follow for Harper, Inc., for the year ended December 31 (in thousands). What is the company's times interest earned ratio? Income before provision for income taxes $1,025959 Interest expense $29,670 Statutory tax rate 37% Provision for income taxes $322,410 Net income $693,548arrow_forward
- Selected income statement data follow for Harper, Inc., for the year ended December 31 (in thousands). What is the company's times interest earned ratio? Operating income before interest Interest expense Operating income after interest Income tax Income after tax 35.6 30.6 11.2 24.4 6,617 189 6.428 1,607 4,821arrow_forwardPlease help me with show all calculation thankuarrow_forwardCurrent fiscal year Accounts receivable: 4,532 Inventory: 5,372 Property, plant, and equipment, net: 9,178 Accounts payable: 3,183 Long-term debt: 14,001 Depreciation and amortization expense: 1,831 Net income: 5,791 The next year's forecasted balances for above accounts Accounts Receivable: 4,351 Inventory: 5,050 Property, plant, and equipment, net: 9,637 Accounts payable: 4,584 Long-term debt: 18,341 Depreciation and amortization expense: 1,977 Net income: 4,922 1. Using only the information given abouve what is the forecasted amount for Cash Flows from Operating Activities?arrow_forward
- Dhapaarrow_forwardThe Butler-Huron Company’s balance sheet and income statement for last year are as follows:Balance Sheet (in Millions of Dollars) Assets Liabilities and Equity Cash and marketable securities $142 Accounts payable*** $808Accounts receivable* 941 Accrued liabilities Inventories** 1,607 (salaries and benefits) 508Other current assets 35 Other current liabilities 534Total current assets $2,725 Total current liabilities $1,850Plant and equipment (net) 3,029 Long-term debt and other Other assets 5,796 liabilities 2,228Total assets $5,796…arrow_forwardIncome Statement For the Year Net sales $827,500 COGS 611,800 Depreciation 23,100 EBIT $192,600 Interest 9,700 Taxable income $182,900 Taxes 6,200 Net income 176,700 Balance Sheet Beginning of Year End of Year Cash $38,200 $43,700 Accounts receivable 91,400 86,150 Inventory 203,900 214,600 Net fixed assets 516,100 537,950 Total assets 849,600 882,400 Accounts payable $136,100 $104,300 Long-term debt 329,500 298,200 Common stock 75,000 82,000 Retained earnings 309,000 397,900 Total Liab. & Equity $849,600 $882,400 There are 100,000 shares that were trading at $15 per share at the end of the year. Show the computation of Cash-Flow from Assets by computing Operating Cash-Flow, and Capex, and Working Capital Investment. Show how this Cash-Flow is distributed to Debtholders (or Creditors) and Stockholders. Explain if any new issue of debt or equity has been made or any debt redemption and stock buybacks.arrow_forward
- Gregg Corp. reported revenue of $1,450,000 in its cash basis income statement for the year ended Dec. 31, Year 7. Additional information was as follows: Accounts receivable, Jan 1, Year 7 $400,000 Accounts receivable, Dec 31, Year 7 $530,000 Under the accrual basis, Gregg would report revenue of O $1,580,000 O $1,035,000 $1,335,000 O $1,505,000arrow_forwardLedger Properties has the following financial information: Current Year Prior Year Revenues $ 48,915 $ 43,610 Administrative expenses 12,106 11,602 Interest expense 816 468 Cost of goods sold 29,715 26,309 Depreciation 1,408 1,387 Net fixed assets 32,711 31,984 Current liabilities 14,652 14,625 Common stock 15,000 14,000 Current assets 16,506 14,687 Long-term debt 12,200 ? Retained earnings 7,365 4,246 Dividends paid 290 275 What is the cash flow of the firm for the current year if the tax rate is 22 percent? Group of answer choicesarrow_forwardCalculate the profit margin (net income or net profit/total sales)for Rock Castle construction for this fiscal year. What’s the percentagearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Managerial Accounting: The Cornerstone of Busines...AccountingISBN:9781337115773Author:Maryanne M. Mowen, Don R. Hansen, Dan L. HeitgerPublisher:Cengage Learning
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Managerial Accounting: The Cornerstone of Busines...
Accounting
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Financial ratio analysis; Author: The Finance Storyteller;https://www.youtube.com/watch?v=MTq7HuvoGck;License: Standard Youtube License