1. Income Statement

   FedEx Corporation (FDX) had the following revenue and expense account balances (in millions) for a recent year ending May 31:

   Depreciation Expense	$1,455
   Fuel Expense	5,078
   Maintenance and Repairs Expense	2,474
   Other Expense (Income) Net	7,857
   Provision for Income Taxes	1,266
   Purchased Transportation	1,892
   Rentals and Landing Fees	2,750
   Revenues	38,849
   Salaries and Employee Benefits	13,866

   a. Prepare an income statement.

   FedEx Corporation
   Income Statement
   For the Year Ended May 31 (in millions)
   Net income		$
   Expenses:
   	$
   Total expenses
   		$

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   a. Revenues and expenses flow into the income statement. If revenues exceed expenses, a net income will result.

   b. Compare your income statement with the income statement that is available at FedExs Web site (http://investors.fedex.com). Under Annual Report, select Download PDF. What similarities and differences do you see?

   The income statements are . The actual statement, which is for the year ended May 31, .

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   b. Compare the classification of income and expenses for the two companies.

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   Incorrect