In 2009 CSX Corporation which operates under the name

Surface #6102
In 2009, CSX Corporation, which operates under the name Surface Transportation, reported
operating expenses of $6,756 million. A partial list of the company's operating expenses follows.
CSX Corporation reported revenues from external customers to be $9,041 million for the year.
These revenues are divided among two operations: intermodal and rail.Revenue from External
Customers(Dollars In millions)Intermodal.................................$
1,204Rail...........................................7,837Operating Expenses(Dollars In millions)Labor and
Fringe Benefits..............$ 2,629Materials, Supplies, and Other...........1,715Inland Transportation
........................264Depreciation..................................908Fuel............................................849Eq
uipment and Other Rents...............391Analyze:1. If the given categories represent the related
general ledger accounts, what journal entry would be made to close the expense accounts at
year-end?2. What journal entry would be made to close the revenue accounts?Analyze
Online:Locate the Web site for CSX Corporation (www.csx.com). Click on CSX Corporation and
then click on Investor Relations. Within the Financial Information link, find the most recent
annual report.3. On the consolidated statement of earnings, what was the amount reported for
operating expenses?4. What percentage increase or decrease does this figure represent from
the operating expenses reported in 2009 of $6,756 million?View Solution:
In 2009 CSX Corporation which operates under the name Surface

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