Question: In this exercise you will practice using the data of a well-known company with the amounts rounded. The 2004 annual report of UPS, the overnight

In this exercise you will practice using the data of a well-known company with the amounts rounded. The 2004 annual report of UPS, the overnight shipping company, reported revenue of $\$ 32$ billion. Total expenses for the year were S29 billion. UPS ended the year with total assets of \$33 billion, and it owed debts totaling $S 17$ billion. At year-end 2003, UPS reported total assets of $\mathrm{S} 30$ billion and total liabilities of $\mathrm{S}^{-7}$ billion.

Requirements

1. Compute UPS's net income for 2004.

2. Did UPS's owners' equity increase or decrease during 2004? Br how much?

3. How would you rate UPS's performance for 2004-good or bad? Give your reason.

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