ACCT205unit 2 DB final

ACCT205unit 2 DB final - ACCT205 Unit 2 DB: Accounting...

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ACCT205 Unit 2 DB: Accounting Cycles FEDEX Transportation Cheri Bolin June 15, 2011 The Steps of Accounting Cycle 2. Journalize Transactions 3. Post to General Ledger 4. Prepare an Unadjusted Trial Balance 5. Prepare Adjustments 6. Prepare an Adjusted Trial Balance 7. Prepare Financial Statements 8. Close the Accounts 9. Prepare a Post Closing Trial Balance 10. After- Closing Trial Balance The primary objectives of an accounting function are to process and prepare financial information and statements of an organization at the ending of an accounting period. Consolidated Statements of Income Years ended May 31, (In millions, except per share amounts) 2007 2006 2005 REVENUES $ 35,214 $32,294 $ 29,363 Operating Expenses: Salaries and employee benefits 13,740 12,571 11,963 Purchased transportation 3,873 3,251 2,935 Rentals and landing fees 2,343 2,390 2,299 Depreciation and amortization 1,742 1,550 1,462 Fuel 3,533 3,256 2,317 Maintenance and repairs 1,952 1,777 1,695
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Other 4,755 4,485 4,221 OPERATING INCOME 31,938 29,280 26,892 Other Income (Expense): 3,276 3,014 2,471 Interest expense (136) (142) (160) Interest income 83 38 21 Other, net (8) (11) (19) (61) (115) (158) Income Before Income Taxes 3,215 2,899 2,313 Provision for Income Taxes 1,199 1,093 864 NET INCOME $ 2,016 $ 1,806 $ 1,449 BASIC EARNINGS PER COMMON SHARE $ 6.57 $ 5.94 $ 4.81 DILUTED EARNINGS PER COMMON SHARE $ 6.48 $ 5.83 $ 4.72 Consolidated Balance Sheets May 31, (In millions, except per share data) 2007 2006 ASSETS Current Assets Cash and cash equivalents $ 1,569 $ 1,937 Receivables, less allowances of $136 and $144 3,942 3,516 Spare parts, supplies and fuel, less allowances of $156 and $150 338 308 Deferred income taxes 536 539 Prepaid expenses and other 244 164 Total current assets 6,629 6,464 Property and Equipment, at Cost Aircraft and related equipment 9,593 8,611
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This note was uploaded on 12/10/2011 for the course ACCT 205 taught by Professor Shanakoh during the Spring '10 term at AIU Online.

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ACCT205unit 2 DB final - ACCT205 Unit 2 DB: Accounting...

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