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
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Ford Motor Company, one of the world’s largest automakers, reports the following income statement accounts for the year ended December 31 ($ in millions). Use this information to prepare Ford’s income statement for the year ended December 31.
Financial Report for Store: A typical annual income statement for a pre-plan Ladbreck store before fixed charges, taxes, and incidentals looks as follows. Sales... Cost of goods sold. Gross profit.... Employee salaries. Profit before fixed charges.. Total 10,000,000 6,300,000 3,700,000 800,000 2,900,000 Percent 100 63 37 8 29 A store also has substantial charges for rent, management salaries, insurance, etc., but they are fixed with respect to the incentive plan. Required a. Suppose the goal of the firm is to now provide superior customer service by having the sales con- sultant identify and sell to the specific needs of the customer. What does this goal suggest about a change in managerial accounting and control systems? b. Provide an estimate of the impact of the incentive plan on sales. c. Did the sales impact occur all at once, or did it occur gradually?
The following information is available for Tamarisk Corp. for the year ended December 31, 2022. Other revenues and gains $23,800 Other expenses and losses 4,000 Cost of goods sold 292,000 Sales discounts 4,600 Sales revenue 760,000 Operating expenses 221,000 Sales returns and allowances 10,800 Prepare a multiple-step income statement for Tamarisk Corp. The company has a tax rate of 25%.
Car Facts Inc. reports sales of $15,875,118 thousand and cost of sales of $13,691,824 thousand for the fiscal year ended February 28. The gross profit for the year is: Select one: a. $1,464,362 thousand b. 13.80% c. $2,183,294 thousand d. 86.2% e. There is not enough information to determine gross profit.
The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $580,000 Sales 567,930 Purchases 294,832 Ending Inventory* 10% Administrative Salaries 50,280 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,700 Depreciation Expense 1,200 Utilities 2,500 Taxes*** 15% *of next month's sales **of estimated sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Round your answers to the nearest dollar. Italian Exports, Inc.Budgeted Income StatementFor the Month Ending Mar. 31, 2020 $Sales Cost of Goods Sold $Beginning Inventory Purchases $Cost of Goods Available for Sale Ending Inventory $Cost of Goods Sold Gross Profit Operating Expenses $Administrative Salaries Marketing Expenses Sales Commissions Rent Expense Depreciation Expense Utilities Total…
Presented below is selected information for Ivanhoe Company for the month of March 2024. Cost of goods sold Delivery expense Insurance expense Salaries expense $218,299 8,117 6,500 57,500 Sales Rent expense Sales discounts Sales returns and allowances Prepare a multiple-step income statement. 29,700 7,700 13,300 440,000
Bellingham Industries, a manufacturer of the furniture industry, had the following financial performance for the last two years as shown on their income statements below: Billingham Industries, Inc. Comparative Income Statement For the Years Ended December 31, 2021 and 2020 2021 2020 Amount Amount Sales $1,280,000 $1,180,000 Cost of goods sold 644,800 613,600 Gross profit 635,200 566,400 Selling expenses 230,500 188,800 Administrative expenses 182,500 177,000 Total operating expenses 413,000 365,800 Income from operations 222,200 200,600 Other income 77,000 70,800 Income before income tax 299,200 271,400 Income tax expense 121,600 106,200 Net income $177,600 $165,200 1. Prepare a horizontal analysis using the form provided to…
The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $550,000 Sales 567,933 Purchases 294,814 Ending Inventory* 10% Administrative Salaries 50,340 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,400 Depreciation Expense 1,100 Utilities 2,600 Taxes*** 15% *of next month's sales **of estimated sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Round your answers to the nearest dollar. Italian Exports, Inc. Budgeted Income Statement For the Month Ending Mar. 31, 2020 $fill in the blank 2 Cost of Goods Sold $fill in the blank 4 fill in the blank 6 $fill in the blank 8 fill in the blank 10 $fill in the blank 12 fill in the blank 14 Operating Expenses $fill in the blank 16 fill in the blank 18 fill in the blank 20 fill in the blank 22 fill in the blank 24 fill in…
Bellingham Industries, a manufacturer of the furniture industry, had the following financial performance for the last two years as shown on their income statements below: Billingham Industries, Inc. Comparative Income Statement For the Years Ended December 31, 2021 and 2020 2021 2020 Amount Amount Sales $1,280,000 $1,180,000 Cost of goods sold 644,800 613,600 Gross profit 635,200 566,400 Selling expenses 230,500 188,800 Administrative expenses 182,500 177,000 Total operating expenses 413,000 365,800 Income from operations 222,200 200,600 Other income 77,000 70,800 Income before income tax 299,200 271,400 Income tax expense 121,600 106,200 Net income $177,600 $165,200 1. Prepare a horizontal analysis using the form provided to…
Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill’s data are expressed in dollars. The electronics industry averages are expressed in percentages. TannenhillCompany ElectronicsIndustryAverage Sales $800,000 100 % Cost of goods sold 512,000 70 Gross profit $288,000 30 % Selling expenses $176,000 17 % Administrative expenses 64,000 7 Total operating expenses $240,000 24 % Operating income $48,000 6 % Other revenue 16,000 2 $64,000 8 % Other expense 8,000 1 Income before income tax $56,000 7 % Income tax expense 24,000 5 Net income $32,000 2 % a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentages to one decimal place. Enter all amounts as positive numbers.