Macy's, Incorporated, operates the two best-known high-end department store chains in North America: Macy's and Bloomingdale's. The following simplified data (in millions) were taken from its recent annual report for the year ended February 1: Cost of sales Federal, state, and local income tax expense Interest expense Interest income Net sales Other operating expenses Selling, general, and administrative expenses Required: $ 15,171 164 205 20 25,331 249 8,998 Prepare a complete classified (multiple-step) consolidated statement of income. (showing gross margin, operating income, and income before income taxes). Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). MACY'S, INCORPORATED Consolidated Statement of Income For the Year Ended February 1, Current Year Net sales Cost of sales (in millions) Gross margin Selling, general, and administrative expense Other operating expenses Operating income Federal, state, and local income tax expense Net income $ 25,331 15,171 10,160 8,998 249 913 164 $ (164)

Macy's, Incorporated, operates the two best-known high-end department store chains in North America: Macy's and Bloomingdale's. The following simplified data (in millions) were taken from its recent annual report for the year ended February 1: Cost of sales Federal, state, and local income tax expense Interest expense Interest income Net sales Other operating expenses Selling, general, and administrative expenses Required: $ 15,171 164 205 20 25,331 249 8,998 Prepare a complete classified (multiple-step) consolidated statement of income. (showing gross margin, operating income, and income before income taxes). Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). MACY'S, INCORPORATED Consolidated Statement of Income For the Year Ended February 1, Current Year Net sales Cost of sales (in millions) Gross margin Selling, general, and administrative expense Other operating expenses Operating income Federal, state, and local income tax expense Net income $ 25,331 15,171 10,160 8,998 249 913 164 $ (164)

Name: 6eBookHintPrintMacy's, Incorporated, operates the two best-known high
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Description: 6eBookHintPrintMacy's, Incorporated, operates the two best-known high-end department store chains in North America: Macy's and Bloomingdale's.The following simplified data (in millions) were taken from its recent annual report for the year ended Feb

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 3E

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