Delta Airlines Executive Summary
Delta Air Lines Inc. The Rich History, Financial Statements and Position in the Market Delta Airlines Inc. founded by C.E. Woolman in 1928, began as a humble little aerial crop dusting operation out of Macon, Ga called Huff Daland Duster in 1924. Later renamed Delta Air Service in 1928 and flying its first passenger on June 17,1929 has definitely come a long way. From flying living vegetable plants to now flying over 160 million passengers to their destination of choice each year, is one of today’s global giants in the airline industry. Delta Air Lines commitment to exceptional service has given them the title of trendsetters in the industry. Being the first airline to provide Nonstop flight between Chicago and Miami, worldwide nonsmoking …show more content…
property was $1.7 billion on December 31, 2014 and $1.6 billion on December 31, 2013. Residual values for owned aircraft, engines, spare parts and simulators are generally 5% to 10% of the cost. Accounts Receivables Accounts receivable is the funds Delta Airlines Inc. is entitled to because of services or goods it has provided to its travelers. Per the 10K report Delta Air Lines Inc. accounts receivable primarily consist of amounts due from credit card companies for the sale of passenger airline tickets, customers of our aircraft maintenance and cargo transportation services and other companies for the purchase of mileage credits under the SkyMiles Program. Delta Air Lines Inc. provided an allowance for uncollectible accounts equal to the estimated losses expected to be incurred based on historical chargebacks, write-offs, bankruptcies and other specific analyses. However, bad debt was not material in any period presented on the 10-K. The account receivable net allowances for uncollectible account of $21 and $23 reflected 2,297 at the end of the fiscal year ending December 31, 2014 and 1,609 during the fiscal year ending December 31, 2013. …show more content…
inventory cost is determined using the First-in, First-out method (FIFO).In which the oldest cost is matched against revenue and assigned to cost of gods sold. Delta Airlines inventory is tracked with jet fuel, refined oil product and refinery, the company owns a refinery acquired on June 2012. Spare parts also account for inventory. Spare parts related to aircrafts, which cannot be repaired economically, reconditioned or reused once removed from the aircrafts. Are carried at an average moving cost and then charged to operations as consumed. After depreciation these parts are assumed to have an estimated value of 5% of the original
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