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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
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 | $ 15,396 |
---|---|
Federal, state, and local income tax expense | 344 |
Interest expense | 280 |
Interest income | 35 |
Net sales | 26,906 |
Other operating expenses | 324 |
Selling, general, and administrative expenses | 9,148 |
Required:
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).
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