Required information [The following information applies to the questions displayed below) Following are account balances (in millions of dollars) from a recent StateEx annual report, followed by several typical transactions. Assume that the following are account balances on May 31 (end of the prior fiscal year); Account Property and equipment (net) Retained earnings Accounts payable Prepaid expenses Accrued expenses payable Long-term notes payable Other noncurrent assets Common stock ($0.10 par value) Balance $ 17,094 12,806 1,572 268 2,390 1,810 3,032 2 Account Receivables Other current assets Cash Spare parts, supplies, and fuel Other noncurrent liabilities Other current liabilities Additional Paid-in Capital Balance $2,349 1,039 1,204 715 3,770 2,259 1,087 These accounts are not necessarily in good order and have normal debitor credit balances. Assume the following transactions in millions, except for par value) occurred the next fiscal year beginning June 1(the current year): a Provided delivery service to customers, who paid $9,390 In cash and owed $39,104 on account b. Purchased new equipment costing $3,754; signed a long-term note. c. Poid $11,064 cash to rent equipment and aircraft, with $5,536 for rent this year and the rest for rent next year. d. Spent $1,184 cash to repair facilities and equipment during the year e. Collected $33,885 from customers on account f. Repaid $310 on a long-term note (ignore interest), 9. Issued 180 million additional shares of $0.10 par value stock for $32 (that's $32 million) h. Pald employees $13,276 for work during the year. L. Purchased spare parts, supplies, and fuel for the aircraft and equipment for $11,364 cash JUsed $7.250 in spare parts, supplies, and fuel for the aircraft and equipment during the year k. Pald $1,104 on accounts payable. Ordered $120 in spare parts and supplies. Required information [The following information applies to the questions displayed below) Following are account balances (in millions of dollars) from a recent StateEx annual report, followed by several typical transactions. Assume that the following are account balances on May 31 (end of the prior fiscal year); Account Property and equipment (net) Retained earnings Accounts payable Prepaid expenses Accrued expenses payable Long-term notes payable Other noncurrent assets Common stock ($0.10 par value) Balance $ 17,094 12,806 1,572 268 2,390 1,810 3,032 2 Account Receivables Other current assets Cash Spare parts, supplies, and fuel Other noncurrent liabilities Other current liabilities Additional Paid-in Capital Balance $2,349 1,039 1,204 715 3,770 2,259 1,087 These accounts are not necessarily in good order and have normal debitor credit balances. Assume the following transactions in millions, except for par value) occurred the next fiscal year beginning June 1(the current year): a Provided delivery service to customers, who paid $9,390 In cash and owed $39,104 on account b. Purchased new equipment costing $3,754; signed a long-term note. c. Poid $11,064 cash to rent equipment and aircraft, with $5,536 for rent this year and the rest for rent next year. d. Spent $1,184 cash to repair facilities and equipment during the year e. Collected $33,885 from customers on account f. Repaid $310 on a long-term note (ignore interest), 9. Issued 180 million additional shares of $0.10 par value stock for $32 (that's $32 million) h. Pald employees $13,276 for work during the year. L. Purchased spare parts, supplies, and fuel for the aircraft and equipment for $11,364 cash JUsed $7.250 in spare parts, supplies, and fuel for the aircraft and equipment during the year k. Pald $1,104 on accounts payable. Ordered $120 in spare parts and supplies
