12th Edition

ISBN: 9780134486444

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

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Textbook Question

Chapter 5, Problem 5.1TIATC

Tying It All Together Case 5-1

Before you begin this assignment, review the Tying It All Togetherfeature in the chapter. It will also be helpful if you review Macy’s. Inc. 2015 annual report

(https:y/www.sec.gov/Archivesfedgar/data/794367/000079436716000221/m-0130201610k.htm).

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 it merchandise from many suppliers and also develops is own private label brands.

Requirements

Under the new revenue recognition rules, how will Macy's record and recognize sales revenue? Which financial statement is sales revenue reported on?
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?
Assume Macy's, Inc. purchases $100, 000of inventory from one of is 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.
On which financial statement will Macy's report is merchandise inventory?
Assume Macy's, Inc. prepares a multi-step income statement. What would the format of that income statement look like? What is one benefit of preparing a multi-step income statement for merchandising companies such as Macy's, Inc?

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Chapter 5 Solutions

Horngren's Accounting (12th Edition)

Ch. 5 - Which account does a merchandiser use that a...Ch. 5 - 2. The two main inventory accounting system are...Ch. 5 - The journal entry for the purchase of inventory on...Ch. 5 - JC manufacturing purchased inventory for $5,300...Ch. 5 - Austin sold inventory for $2/10, n/30. Cost of...Ch. 5 - Prob. 6QC Ch. 5 - Which of the following accounts would be closed at...Ch. 5 - What is the order of the subtotals that appear on...Ch. 5 - Assume Juniper Natural Dyes made Net Sales Revenue...Ch. 5 - Prob. 10AQC

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