Analyze and compare J. C. Penney and Macy's J. C. Penney Company, Inc. (JCP) and Macy's, Inc. (M) are large department store chains in the United States. Information from recent annual reports for both companies is as follows (in millions): J. C. Penney Macy's $119 $1,109 781 Cash (end of year) Short-term investments (end of year) Operating expenses Depreciation expense 4,640 8,256 616 1,061 a. Determine the days' cash on hand for each company. Round to one decimal place. J. C. Penney Macy's Days' Cash on Hand days days b. Which company has the better liquidity position? J. C. Penney Macy's