In 2009, CSX Corporation, which operates under the name Surface Transportation, reported operating expenses of $6,756 million.
Question:
Revenue from External Customers
(Dollars In millions)
Intermodal.................................$ 1,204
Rail...........................................7,837
Operating Expenses
(Dollars In millions)
Labor and Fringe Benefits..............$ 2,629
Materials, Supplies, and Other...........1,715
Inland Transportation........................264
Depreciation..................................908
Fuel............................................849
Equipment and Other Rents...............391
Analyze:
1. If the given categories represent the related general ledger accounts, what journal entry would be made to close the expense accounts at year-end?
2. What journal entry would be made to close the revenue accounts?
Analyze Online:
Locate the Web site for CSX Corporation (www.csx.com). Click on CSX Corporation and then click on Investor Relations. Within the Financial Information link, find the most recent annual report.
3. On the consolidated statement of earnings, what was the amount reported for operating expenses?
4. What percentage increase or decrease does this figure represent from the operating expenses reported in 2009 of $6,756 million?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0073396958
2nd edition
Authors: David Haddock, John Price, Michael Farina
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