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Macy's, Inc.,operates the two best-known high-end department store chains in North America: Macy's and Bloomingdales. The following data (in millions) were taken from its recent
Macy's, Inc.,operates the two best-known high-end department store chains in North America: Macy's and Bloomingdales. The following data (in millions) were taken from its recent annual report for the year ended February 1:
Cost of sales | $ | 16,830 |
Federal, state, and local income tax expense | 888 | |
Interest expense | 425 | |
Interest income | 9 | |
Net sales | 28,666 | |
Other operating expenses | 123 | |
Selling, general, and administrative expenses | 8,510 |
Required:
Prepare a complete classified (multiple-step) consolidated statement of income for the company (showing gross margin, operating income, and income before income taxes).(Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
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