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FedEx Corporation reported its balance sheet at May 31, 2019. Assume the following alphabetically listed accounts were included in its trial balance immediately prior to
FedEx Corporation reported its balance sheet at May 31, 2019. Assume the following alphabetically listed accounts were included in its trial balance immediately prior to preparing the financial statements.
3-a. Prepare an income statement for the year ended May 31, 2019.
3-b. Prepare a statement of retained earnings for the year ended May 31, 2019.
3-c. Prepare a classified balance sheet at May 31, 2019.
place into a balence sheet
\begin{tabular}{|c|c|c|} \hline & Debit & Credit \\ \hline Accounts Payable & & $2,960 \\ \hline Accounts Receivable & $9,200 & \\ \hline Accumulated Depreciation & & 29,100 \\ \hline Cash & 2,300 & \\ \hline Common Stock & & 3,200 \\ \hline Depreciation Expense & 3,300 & \\ \hline Dividends & 710 & \\ \hline Equipment & 59,500 & \\ \hline Goodwill & 10,900 & \\ \hline Income Tax Expense & 120 & \\ \hline Income Tax Payable & & 3,300 \\ \hline Interest Expense & 590 & \\ \hline Interest Receivable & 200 & \\ \hline Interest Revenue & & 60 \\ \hline Notes Payable (long-term) & & 27,600 \\ \hline Notes Payable (short-term) & & 1,000 \\ \hline Office Expenses & 13,760 & \\ \hline Prepaid Rent & 900 & \\ \hline Rent Expense & 3,300 & \\ \hline Repairs and Maintenance Expense & 2,800 & \\ \hline Retained Earnings & & 14,770 \\ \hline Salaries and Wages Expense & 24,800 & \\ \hline Salaries and Wages Payable & & 1,740 \\ \hline Service Revenue & & 69,700 \\ \hline Supplies & 500 & \\ \hline \multirow[t]{2}{*}{ Transportation Expense } & 20,550 & \\ \hline & $153,430 & $153,430 \\ \hline \end{tabular}Step by Step Solution
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