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Please label each answer clearly [The following information applies to the questions displayed below.j Following are account balances (in millions of dollars) from a recent
Please label each answer clearly
[The following information applies to the questions displayed below.j Following are account balances (in millions of dollars) from a recent FedEx annual report, followed by several typical transactions. Assume that the following are account balances on May 31 (end of the prior fiscal year): Balance S 19,543 Receivables Account Balance S 5,581 Property and equipment (net) 16,716 Other current assets 2,102 Cash 2,728 857 Prepaid expenses Accrued expenses payable Long-term notes payable 529 2,294 2,067 Spare parts, supplies, and fuel Other noncurrent liabilities Other current liabilities 57 Additional Paid-n Capital 3,072 Common stock ($0.10 par value) These accounts are not necessarily in good order and have normal debit or credit balances. Assume the following transactions (in millions) occurred the next fiscal year beginning June 1 (the current year): a. Provided delivery service to customers, receiving $31,704 in accounts receivable and $25,600 in cash. b. Purchased new equipment costing $3,834; signed a long-term note. c. Paid $17,864 cash to rent equipment and aircraft, with $13,136 for rental this year and the rest for rental next year. d. Spent $4,264 cash to maintain and repair facilities and equipment during the year. e. Collected $36,285 from customers on account. $550 on a long-term note (ignore i 0 g. Issued 220 shares of additional stock for $36. h. Paid employees $20,276 during the year. i. Purchased for cash and used $14,564 in fuel for the aircraft and equipment during the year. j. Paid $1,184 on accounts payable k. Ordered $128 in spare parts and suppliesStep by Step Solution
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