Locate the financial statements and related disclosure notes of FedEx Corporation for the fiscal year ended May 31, 2020. You can locate the report online at www.fedex.com. Use the information provided in the statement of cash flows to respond to the questions below.

Required:
1. Is FedEx expanding its business or contracting its business, as evidenced by the investing activities?
2. In 2019, did FedEx raise as much cash through financing activities as the amount needed to fund its investing activities?
3. Determine the activities listed under financing activities for the most recent fiscal year. [Hint: FedEx’s Statement of Changes in Common Stockholders’ Investment (statement of shareholders’ equity) will help you determine the nature of the stock activity.] What is the most notable financing activity reported over the most recent three years? What was the amount of cash received or paid for that activity each year?
4. What are the cash payments FedEx made for interest and for income taxes in the three years reported? (Hint: See the disclosure notes.)