Obtain FedEx Corporations 2009 annual report either through the Investor Relations portion of their website (do a

Question:

Obtain FedEx Corporation’s 2009 annual report either through the ‘‘Investor Relations’’ portion of their website (do a web search for FedEx investor relations) or go to www.sec.govand click ‘‘Search for Company Filings’’ under ‘‘Filings & Forms.’’
Required:
Answer the following questions:
1. How does FedEx apply the revenue recognition principle?
2. With regard to the and the income statement, what accounts may have required adjusting entries? Would these accounts require accruals or deferrals?
3. How much did FedEx owe its employees for services performed at the end of the 2009 fiscal year?
4. How much would FedEx credit to Income Summary for 2009? How much would be debited to Income Summary for 2009?
5. How much did FedEx report as income tax expense for 2009? How much did FedEx report as cash paid for taxes for 2009? Why are the amounts different and where does this difference get reported on FedEx’s financial statements? Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...