Course: Financial Accounting

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Income Statement FedEx Corporation (FDX) had the following revenue and expense account balances (in millions) for a recent year ending May 31: Depreciation Expense $810 Fuel Expense 2,827 Maintenance and Repairs Expense 1,377 Other Expense (Income) Net 4,374 Provision for Income Taxes Purchased Transportation 1,053 Rentals and Landing Fees 1,531 Revenues 21,627 Salaries and Employee Benefits 7,719 705 a. Prepare an income statement. FedEx Corporation Income Statement For the Year Ended May 31 (in millions) Revenues Expenses: Salaries and employee benefits Purchased transportation Rentals and landing fees Depreciation expense Fuel expense 1111110 Maintenance and repairs expense Provision for income taxes Other expense (income) net Total expenses Od Net income Feedback b. Compare your income statement with the income statement that is available at FedEx's Web site (http://investors.fedex.com). Under Annual Report, select Download PDF. What similarities and differences do you see? The income statements are very similar . The actual statement, which is for the year ended May 31, includes additional expense and income classifications