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) | $ | 15,894 | Receivables | $ | 2,049 | |
Retained earnings | 11,606 | Other current assets | 979 | |||
Accounts payable | 1,457 | Cash | 1,084 | |||
Prepaid expenses | 208 | Spare parts, supplies, and fuel | 594 | |||
Accrued expenses payable | 2,270 | Other noncurrent liabilities | 3,590 | |||
Long-term notes payable | 1,690 | Other current liabilities | 2,139 | |||
Other noncurrent assets | 2,852 | Additional Paid-in Capital | 907 | |||
Common stock ($0.10 par value) | 1 | |||||
These accounts are not necessarily in good order and have normal debit or credit balances. Assume the following transactions (in millions, except for par value) occurred the next fiscal year beginning June 1 (the current year):
P3-6 Part 1
Required:
1. Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter amounts in millions, not dollars.)
P3-6 Part 2
2. Prepare T-account for may 31 of the current year.
P3-6 Part 3
3. Prepare an income statement for the current year ended may 31.
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P3-6 (Algo) Analyzing the Effects of Transactions Using T-Accounts, Preparing an Income Statement, and Evaluating the...
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) $ 18,694 Receivables $ 2,749...
Required information P3-6 (Algo) Analyzing the Effects of Transactions Using T-Accounts, Preparing an Income Statement, and Evaluating the Net Profit Margin Ratio L03-4, 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 Property and equipment (net) Retained earnings Accounts payable Prepaid expenses...
Following are account balances (in millions of dollars) from a recent StateEx annual report, followed by several typic 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) $ 18,294 Receivables $ 2,649 Retained earnings 14,006 Other current assets 1,099 Accounts payable 1,697 Cash 1,324 Prepaid expenses 328 Spare parts, supplies, and fuel 836 Accrued expenses payable 2,510 Other noncurrent liabilities 3,950 Long-term notes payable...
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Required information (The following information applies to the questions displayed below.] Following are account balances (in millions of dollars) from a recent FedEx annual report, followed by several typical transactions. Assume that the following are account balances on May 31 (end of the prior fiscal year): Account Property and equipment (net) Retained earnings Accounts payable Prepaid expenses Accrued expenses payable Long-term notes payable Other noncurrent assets Common stock $0.10 par value) Balance Account $ 13,894 Receivables 9,606 Other current assets...
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please Help Required information [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 Property and equipment (net) Retained earnings Accounts payable Prepaid expenses Accrued expenses payable Long-term notes payable Other noncurrent assets Common stock (50.19 par value) Balance Account $15,494 Receivables 11,206 Other current...
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Following are account balances (in millions of dollars) from a recent State Ex annual report, followed by several typical transactions. Assume that the following are account balances on May 31 (end of the prior fiscal year): Account Property and equipment (net) Retained earnings Accounts payable Prepaid expenses Accrued expenses payable Long-term notes payable Other noncurrent assets Common stock ($0.10 par value) Balance $ 15,494 11, 206 1,417 188 2,230 1,650 2,792 4 Account Receivables Other current assets Cash Spare parts,...