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Required information P3.6 (Algo) Analyzing the Effects of Transactions Using T-Accounts, Preparing an Income Statement, and Evaluating the Net Profit Margin Ratio LO3-4,3-5, 3-6 [The following information applies to the questions displayed below.) Following are account balances (in millions of dollars) from a recent StateEx annual report, followed by several typical transactions. Assume that the following are account balances on May 31 (end of the prior fiscal year); Account Balance Account Balance Property and equipment (net) $ 15,494 Receivables $ 1,949 Retained earningo 11,206 Other current assets 959 Accounts payable 1,417 1,044 Prepaid expenses 188 Spare parts, supplies, and fuel Accrued expenses payable 2,230 Other noncurrent liabilities 3,530 Long-term notes payable 1,650 Other current liabilities 2,099 Other noncurrent assets 2,792 Additional Paid-in Capital 847 Common stock ($0.10 par value) Cash 557 These accounts are not necessarily in good order and have normal debitor credit balances. Assume the following transactions (in millions, except for par value) occurred the next fiscal year beginning June 1(the current year): a. Provided delivery service to customers, who paid $5,390 in cash and owed $28,704 on account b. Purchased new equipment costing $3,594; signed a long-term note. c. Paid $9.464 cash to rent equipment and aircraft, with $4,336 for rent this year and the rest for rent next year. d. Spent $1,024 cash to repair facilities and equipment during the year. e. Collected $29,085 from customers on account. f. Repaid $230 on a long-term note (ignore interest). g. Issued 100 million additional shares of $0.10 par value stock for $24 (that's $24 million). h. Pald employees $11,276 for work during the year. 1. Purchased spare parts, supplies, and fuel for the aircraft and equipment for $8.964 cash. J. Used $6,850 in spare parts, supplies, and fuel for the aircraft and equipment during the year. k. Paid $944 on accounts payable. Homework Saved P3-6 Part 2 2. Prepare T-accounts for the current year from the preceding list; enter the ending balances from May 31 as the respective beginning balances for June 1 of the current year. For each transaction, record the current year's transaction effects in the T-accounts. Label each using the letter of the transaction. (Enter your answers in millions, not in dollars.) Cash Receivables Beg bal. Beg, bal End, bal End, bal Spare Parts, Supplies, and Fuel Prepaid Expenses Beg bal Beg bal End, bal End, bal Other Current Assets Property and Equipment inet Ban hal Ben hal Required information Other Current Assets Property and Equipment (net) Beg. bal. Beg. bal. End, bal. End, bal Other Noncurrent Assets Accounts Payable Beg. bal. Beg. bal End. bal. End, bal. Accrued Expenses Payable Other Current Liabilities Beg. bal. Beg. bal. End. bal. End. bal Long-Term Notes Payable Other Noncurrent Liabilities Beg. bal. Beg. bal. End, bal. End, bal. Common Stock Additional Paid-in Capital Beg. bal Beg. bal. End, bal. End, bal. Rotained Earnings Delivery Service Revenue Beg. bal. Beg, bal. End, bal End, bal. Rent Expense Repair Expense Beg. bal. Beg bal. End. bal. End. bal. Wage Expense Beg. bal Spare Parts, Supplies, and Fuel Expense Beg. bal. End. bal. End, bal