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Problem (38 points) United Parcel Service, Inc. (UPS) says in its first footnote that: "it was...

Problem (38 points) United Parcel Service, Inc. (UPS) says in its first footnote that: it was founded in 1907 as a private mk) Based on the journal entries youve prepared, calculate UPS Net Income. SHOW YOUR WORK. UPS Net Income $43348 74094-2860

Problem (38 points) United Parcel Service, Inc. (UPS) says in its first footnote that: "it was founded in 1907 as a private messenger and delivery service in Seattle, Washington. Today, we are the world's largest package delivery company, a leader in the U.S. less-than-truckload industry and the premier provider of global supply chain management solutions. The global market for these services includes transportation, distribution, contract logistics, ground freight, ocean freight, air freight, customs brokerage, insurance and financing. We operate one of the largest airlines in the world, as well as the world's largest fleet of alternative-powered vehicles. We deliver packages each business day for 1.6 million shipping customers to 9.9 million delivery customers in over 220 countries and territories. In 2019, we delivered an average of 21.9 million pieces per day, or a total of 5.5 billion packages." UPS Below you will see SOME (not all!) of UPS' transactions in their most recent fiscal year. Provide the journal entry or entries (accounts and amounts) needed to record each transaction. a) Borrowed $5,205 million cash from a bank by signing a note payable. Account Title Debit Credit b) Had $74,094 million in credit sales to customers. Account Title Debit Credit c) Purchased $698 million worth of supplies (fuel) on account. Account Title Debit Credit d) Collected $68,438 million cash from customers related to prior credit sales. Account Title Debit Credit e) Declared and paid cash dividends of $3,194 million. Account Title Debit Credit 2
k) Based on the journal entries you've prepared, calculate UPS' Net Income. SHOW YOUR WORK. UPS' Net Income $43348 74094-28600-2146= 43348 1) At the beginning of the period, UPS had a Cash balance of $4,225 million. Use this beginning balance and your journal entries to show what UPS' Cash T account would look like for the most recent period and calculate UPS'ending Cash balance. SHOW YOUR WORK. ++ Cash UPS' Ending Cash Balance 3 5238
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Journal Entries Transaction Account Titles Credit $ Debit $ $5,205 a Cash Notes Payable $5,205 b $74,094 Accounts ReceivableAnswer(i) Cash $3,194 $4,225 5,205 68,438 $74,674 UPS Ending Cash Balance $74,674

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