Marcy's, Incorporated, operates the two best-known high-end department store chains in North America: Marcy's and Bloomington's....

Transcribed Image Text:

Marcy's, Incorporated, operates the two best-known high-end department store chains in North America: Marcy's and Bloomington'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: $ 15,456 392 300 39 27,326 344 9,188 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). MARCY'S, INCORPORATED Consolidated Statement of Income For the Year Ended February 1, Current Year Net sales Cost of sales Gross margin Selling, general, and administrative expense Other operating expenses Operating income Interest income Interest expense Income before income taxes Federal, state, and local income tax expense Net income (in millions) $ 27,326 15,456 11,870 9,188 344 2,338 39 300 $ 0 Marcy's, Incorporated, operates the two best-known high-end department store chains in North America: Marcy's and Bloomington'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: $ 15,456 392 300 39 27,326 344 9,188 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). MARCY'S, INCORPORATED Consolidated Statement of Income For the Year Ended February 1, Current Year Net sales Cost of sales Gross margin Selling, general, and administrative expense Other operating expenses Operating income Interest income Interest expense Income before income taxes Federal, state, and local income tax expense Net income (in millions) $ 27,326 15,456 11,870 9,188 344 2,338 39 300 $ 0