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.
FedEx CORPORATION
Adjusted Trial Balance
At May 31, 2019
(millions of dollars)
Debit Credit
Accounts Payable $ 2,960
Accounts Receivable $ 9,200
Accumulated Depreciation 29,100
Cash 2,300
Common Stock 3,200
Depreciation Expense 3,300
Dividends 710
Equipment 59,500
Goodwill 10,900
Income Tax Expense 120
Income Tax Payable 3,300
Interest Expense 590
Interest Receivable 200
Interest Revenue 60
Notes Payable (long-term) 27,600
Notes Payable (short-term) 1,000
Office Expenses 13,760
Prepaid Rent 900
Rent Expense 3,300
Repairs and Maintenance Expense 2,800
Retained Earnings 14,770
Salaries and Wages Expense 24,800
Salaries and Wages Payable 1,740
Service Revenue 69,700
Supplies 500
Transportation Expense 20,550
$153, 430 $153, 430
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.