1. From the following list of balance sheet and income statement account balances for Carnival Corpo

1. From the following list of balance sheet and income statement account balances for Carnival

Corporation, prepare an income statement for the year ended November 30, 2008. (Amounts are reported in millions of U.S. dollars.)

2. Explain what the results suggest about the cruise ship company’s operating performance. Net income for the same period last year was $2,408 (in millions of U.S. dollars).

Transportation Expenses

$ 2,232 Wage Expenses

$1,470 Selling Expenses

$ 1,629

Passenger Ticket Revenue

11,210 Fuel Expenses

1,774 Prepaid Expenses

267

Onboard Revenue

3,436 Accounts Payable

512 Ship Expenses

4,308

Food Expenses

856 Income Tax Expense

47 Unearned Revenue

2,519

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