FedEx Corporation had the following revenue and expense account balances (in millions) at its fiscal year-end of May 31, 2007:

a. Prepare an income statement.

b. Compare your income statement with the related income statement that is available at the FedEx Corporation Web site, which is linked to the text's Web site at academic.cengage.com/accounting/warren. What similarities and differences do you see?

Transcribed Image Text:

Depreciation Purchased Transportation Rentals and Landing Fees $ 1,097 $ 845 2,946 1,440 4,566 1,598 22,527 8,051 Fuel Maintenance and Repairs Revenues Other Expense (Income) Net Salaries and Employee Benefits Provision for Income Taxes 733