Question
FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31: Depreciation Expense $3,095 Fuel Expense 3,374
FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31:
Depreciation Expense $3,095 Fuel Expense 3,374 Maintenance and Repairs Expense 2,622 Other Expense 10,337 Provision for Income Taxes (Benefit) (219) Purchased Transportation 15,101 Rentals and Landing Fees 3,361 Revenues 65,450 Salaries and Employee Benefits 23,207
Required: Prepare an income statement. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter amounts as positive numbers unless the amount represents a benefit or is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. A colon (:) will automatically appear if it is required.
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