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Marcy's, Inc., operates two well-known high-end retail chains in North America. Marcy's and Bloomingdale's. The following simplified data (in millions) were taken from its recent
Marcy's, Inc., operates two well-known high-end retail chains in North America. Marcy'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 | $ | 15,891 |
Federal, state, and local income tax expense | 557 | |
Interest expense | 457 | |
Interest income | 4 | |
Net sales | 27,668 | |
Other operating expenses | 667 | |
Selling, general, and administrative expenses | 8,445 | |
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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