In this exercise you will practice using the data of a well-known company with the amounts rounded. The 2004 annual report of UPS, the overnight shipping company, reported revenue of \(\$ 32\) billion. Total expenses for the year were S29 billion. UPS ended the year with total assets of \$33 billion, and it owed debts totaling \(S 17\) billion. At year-end 2003, UPS reported total assets of \(\mathrm{S} 30\) billion and total liabilities of \(\mathrm{S}^{-7}\) billion.

Requirements 

1. Compute UPS's net income for 2004. 

2. Did UPS's owners' equity increase or decrease during 2004? Br how much?

3. How would you rate UPS's performance for 2004-good or bad? Give your reason.