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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):

Account	Balance			Account	Balance
Property and equipment (net)	$	13,894		Receivables	$	1,549
Retained earnings		9,606		Other current assets		879
Accounts payable		1,257		Cash		884
Prepaid expenses		108		Spare parts, supplies, and fuel		394
Accrued expenses payable		2,070		Other noncurrent liabilities		3,290
Long-term notes payable		1,490		Other current liabilities		1,939
Other noncurrent assets		2,552		Additional Paid-in Capital		607
Common stock ($0.10 par value)		1

These accounts are not necessarily in good order and have normal debit or credit balances. Assume the following transactions (in millions, except for par value) occurred the next fiscal year beginning June 1 (the current year):

1. Provided delivery service to customers, who paid $1,390 in cash and owed $24,704 on account.

2. Purchased new equipment costing $3,434; signed a long-term note.

3. Paid $7,864 cash to rent equipment and aircraft, with $3,136 for rent this year and the rest for rent next year.

4. Spent $864 cash to repair facilities and equipment during the year.

5. Collected $24,285 from customers on account.

6. Repaid $150 on a long-term note (ignore interest).

7. Issued 20 million additional shares of $0.10 par value stock for $16 (thats $16 million).

8. Paid employees $9,276 for work during the year.

9. Purchased spare parts, supplies, and fuel for the aircraft and equipment for $6,564 cash.

10. Used $6,450 in spare parts, supplies, and fuel for the aircraft and equipment during the year.

11. Paid $784 on accounts payable.

12. Ordered $88 in spare parts and supplies.

Prepare T-accounts for the current year from the preceding list; enter the ending balances from May 31 as the respective beginning balances for June 1 of the current year. Label each using the letter of the transaction.

Prepare an unadjusted income statement for the current year ended May 31.

4.)

Cash 884 Beg. bal. (a) Beg. bal. (a) Receivables 1,549 24,704 24,285 > 1,390 (e) End. bal. 1,968 End. bal. 2,274 Spare Parts, Supplies, and Fuel Prepaid Expenses 108 Beg. bal. |(i) o Beg. bal. (c) 6,564 4,728 Spare Parts, Supplies, and Fuel Prepaid Expenses 108 Beg. bal. (0) Beg. bal. C 6,564 (c) 4,728 End. bal. 6,564 End. bal. 4,836 Other Current Assets Beg. bal. 879 Beg. bal. Property and Equipment (net) 13,894 3,434 (b) End. bal. 879 End. bal. 17,328 Other Noncurrent Assets Accounts Payable 1,257 Beg. bal. 2,552 Beg. bal. (k) 784 End. bal. 2,552 End. bal. 473 Accrued Expenses Payable 2,070 Other Current Liabilities 1,939 Beg. bal. Beg. bal. End. bal. 2,070 End. bal. 1,939 Long-Term Notes Payable Other Noncurrent Liabilities Beg. bal. Beg. bal. 3,290 End. bal. End. bal. 3,290 Common Stock Additional Paid-in Capital 607 Beg. bal. Beg. bal. 14 (g) End. bal. 0 End. bal. 621 Retained Earnings Delivery Service Revenue Beg. bal. Beg. bal. 26,094 (a) End. bal. 0 End. bal. 26,094 Rent Expense Repair Expense Beg. bal. Beg. bal. (d) 864 End. bal. 0 End. bal. 864 Wage Expense Beg. bal. Spare Parts, Supplies, and Fuel Expense Beg. bal. (0) 6,450 End. bal. 0 End. bal. 6,450 FEDEX Income Statement (unadjusted) For the Year Ended May 31 (Current Year) (in millions) Revenues Delivery service revenue Expenses Wages expense Spare parts, supplies, and fuel expense 0 Total expenses Net income 4. Compute the company's net profit margin ratio for the current year ended May 31. (Round your percentage answer to 1 decimal place (i.e., 32.1)). Net profit margin ratio %