Macy's, Inc. is a premier retailer in the United​ States, operating nearly 900 stores in 45 states.​ Macy's, Bloomingdale's, and​ Bloomingdale's Outlet are all brands that operate under​ Macy's, Inc. The company sells a wide range of merchandise including apparel and​ accessories, cosmetics, home​ furnishings, and other goods.​ Macy's, Inc. purchases its merchandise from many suppliers and also develops its own private label brands.   Read the requirements:      1. Under the new revenue recognition​ rules, how will​ Macy's record and recognize sales​ revenue? Which financial statement is sales revenue reported​ on? 2. Macy's, Inc. reported cost of sales of​ $16,496 million for the year ending January​ 30, 2016. Which financial statement is cost of sales​ (also known as cost of goods​ sold) reported​ on? What does cost of sales​ represent? What type of account is cost of​ sales? 3. Assume​ Macy's, Inc. purchases​ $100,000 of inventory from one of its vendors. The terms of the purchase are FOB shipping point. Who pays the freight and how does the cost of the freight get​ recorded? Assume​ Macy's uses the perpetual inventory system.

Since 2005, Modco has a full range of groceries and general merchandise sold through 8,000 retail units and several banners in 15 countries. According to the company’s CEO, Modco's annual report reflects its activities' social and environmental dimensions and its constant and progressive work toward social responsibility issues. Modco’s 2017 annual report states how its emphasis on sustainability has helped the company to be the retail leader in the market. According to the report, Modco invests in education, health, commitments to fight hunger, support for local farmers, and access to healthier and affordable food. Students will assume they are a part of a research team examining sustainability reporting and stakeholder relations.

The beginning inventory of the Designer Shoe Salon for August was 750 pairs of shoes. On the 9th, it received a shipment from the factory of 296 pairs. On the 23rd, another shipment of 166 pairs arrived. When inventory was taken at the end of the month, there were 641 pairs left. How many pairs of shoes were sold that month?pairs sold

DuPont Analysis: Papa John's International Inc. Papa John's International, Inc. operates and franchises pizza delivery and carryout restaurants under the Papa John's trademark in the United States and internationally. It operates through four segments: Domestic Company-Owned Restaurants, North America Commissaries, North America Franchising, and International Operations. The company also operates dine-in and delivery restaurants. As of December 29, 2019, it operated 5,395 Papa John's restaurants, which included 598 company-owned and 4,797 franchised restaurants. The company was founded in 1984 and is headquartered in Louisville, Kentucky. ROE ROA Managing Exenses Net Profit margin Papa John's International Inc. USD Millions 2015 Return on Capital shareholders have invested in the company Sales COGS SG&A Interest Expense ROE Total Assets Cash = Net Profit Total Asset X Margin Turnover Additional Paid-In Capital Retained Earnings Treasury Stock Summarize your DuPont Analysis findings…

Millington Materials is a leading supplier of building equipment, building products, materials, and timber for sale, with over 200 branches across the Mid-South. On January 1, 2021, management decided to change from the average inventory costing method to the FIFO inventory costing method at each of its outlets. The following table presents information concerning the change. The income tax rate for all years is 25%.     Income before Income Tax       FIFO Average Cost Difference Before 2020 $30 million $16 million $14 million 2020 16 10 6 2021 20 18 2            Required:1. Prepare the journal entry to record the change in accounting principle.2. Determine the net income to be reported in the 2021–2020 comparative income statements.4. Indicate the affect of the change in the 2021–2020 comparative statements of shareholders’ equity assuming cash dividends were $2 million each year and that no dividends were paid prior to 2020.

Ready Products Incorporated operates two divisions, each with its own manufacturing facility. The accounting system reports the following data for 2022: HEALTH CARE PRODUCTS DIVISION Income Statement For the Year Ended December 31, 2022 Revenues Operating costs Operating income COSMETICS DIVISION Income Statement Year 2016 2017 2018 2019 2020 2021 2022 Revenues Operating costs Operating income For the Year Ended December 31, 2022 Ready estimates the useful life of each manufacturing facility to be 21 years. As of the end of 2022, the plant for the health care division is 4 years old, while the manufacturing plant for the cosmetics division is 6 years old. Each plant had the same cost at the tim of purchase, and both have useful lives of 21 years with no salvage value. The company uses straight-line depreciation and the depreciation charge is $110,000 per year for each division. The manufacturing facility is the only long-lived asset of either division. Current assets are $332,000 in…

Dillard’s, Inc. , operates department stores located primarily in the Southwest, Southeast, and Midwest. In its 2013 third-quarter report, the company reported Cost of Goods Sold of $1.0 billion,ending inventory for the third quarter of $1.8 billion, and ending inventory for the previous quarterof $1.5 billion. Determine the amount of merchandise purchases for the third quarter.