Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please make the answer clear thank you so much EDGAR, the Electronic Data Gathering. Analysis, and Retrieval system, performs automated collection, validation, indexing, acceptance and
Please make the answer clear thank you so much
EDGAR, the Electronic Data Gathering. Analysis, and Retrieval system, performs automated collection, validation, indexing, acceptance and forwarding of submissions by companies and others who are required by law to file forms with the U.S. Securities and Exchange Commission (SEC). All publicly traded domestic companies use EDGAR to make the majority of their filings. (Some foreign companies do so voluntarily.) Form 10K, including the annual report, is required to be filed on EDGAR. The SEC makes this information available on the Internet. Required: 1. Access EDGAR on the Internet at www.Sec gov or from Investor Relations at the Macy's, Inc. (uwwimacys.com). Search for Macy's. Access its 10K fliling for the year ended January 30,2017 . Search or scroll to find the financial statements and related notes. What is the total debt (including current liabilities and deferred taxes) reported in the balance sheet in the most recent two years? 2. Compare the total liabilities (including current liabilities and deferred taxes) with the shareholders' equity and calculate the debt to equity ratio for the most recent two years. 3. Does Macy's obtain more financing through notes, bonds, or commercial paper? Are required debt payments increasing or decreasing over the next three years? 4. Does Macy's classify any short-term debt as long-term? 5. Note 6: Financing includes the following statement: "On November 18, 2014, the Company issued $550 million aggregate principal amount of 4.5% senior notes due 2034 . This debt was used to pay for the redemption of the $407 million of 7.875% senior notes due 2015 described above." Under some circumstances, Macy's could have reported the amounts due in 2015 as long-term debt at the end of the previous year even though these amounts were due within the coming year. Obtain the relevant authoritative literature on classification of debt expected to be financed using the FASB Accounting Standards Codification. You might gain access from the FASB website (umwafasborg), from your school library, or some other source. Determine the criteria for reporting currently payable debt as long-term. What is the specific nine-digit Codification citation (XXXXXXXXX) that Macy's would rely on in applying that accounting treatment? Complete this question by entering your answers in the tabs below. What is the total debt (including current liabilities and deferred taxes) reported in the balance sheet in the most recent two years? Compare the total liabilities (including current liabilities and deferred taxes) with the shareholders' equity and calculate the debt to equity ratio for the most recent two years. (Round your answers to 2 decimal places.) Does Macy's obtain more financing through notes, bonds, or commerclal paper? Are required debt payments increasing or decreasing over the next three years? Does Macy's classify any short-term debt as long-term? Determine the criteria for reporting currently payable debt as long-term. What is the specific nine-digit Codification citation (XXXXXXXXX) that Macy's would rely on in applying that accounting treatment Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started