Macys Inc. is the parent company of Macys and Blooming dales department stores. Use Macys annual report

Question:

Macy’s Inc. is the parent company of Macy’s and Blooming dale’s department stores. Use Macy’s annual report with a year-end of February2, 2008, to answer the following questions. The annual report can be found at www.macys.com; follow the links to investor relations.
Required:
Answer each of the following questions for the ﬁscal year ended February 2, 2008.
(a) Does Macy’s still have an in-house (proprietary) credit card? Explain.
(b) What is the balance on February 2, 2008, in What amount of uncollectible accounts (related to in-house credit cards) were written off during 2005 and 2006?
(d) What was the company’s previous policy about writing off uncollectible accounts?
(e) What is the average balance in What is the total of Macy’s net sales for 2007?
(g) Assume that a net sale is equivalent to net credit sales. Calculate the turnover ratio and the age of receivables ratio. Comment on the results.
(h) What is the amount of Macy’s cash and cash equivalents at February 2, 2008? How does Macy’s determine what to classify within this account?
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...