please review the statements and solving for the accounts

Analyzing, Forecasting, and Interpreting Both Income Statement and Balance Sheet Following are the income statements and balance sheets of Macy's, Inc. Consolidated Statement oflnco February 2, January 28, JanuaryZ alYears Ended (s m 2013 2012 2011 Net sales 13 27,686 $ 26,405 5 25,003 Cost of goods sold 16,538 15,738 14,824 Gross margin 11,148 10,667 10,179 Selling, general and administrative expenses 8,482 8,281 8,260 Impairments, store closing costs and (gain) on sale of leases 5 (25) 25 Operating income 2,661 2,411 1,894 Interest Expense 425 447 513 Premuim on early retirement debt 137 -- 66 Interest income 3 4 5 Income before income taxes 2,102 1,968 1,320 Federal, state and local income tax expense 767 712 473 Net Income 3 1,335 $ 1,256 s 847 Consolidated Balance Sheets b 2, 2013 Jan. 28, 2012 Assets Current Assets Cash and cash equivalents $ 1,836 $ 2,827 Receivables 371 368 Merchandise inventories 5,308 5,117 Prepaid expenses and other current assets 361 465 Total current assets 7,876 8,777 Property and equipment-met accumulative depreciation 5,947 and 5,986 8,196 8,420 Goodwill 3,743 3,743 Other intangible assets-met 561 598 Other assets 615 557 Total assets 3 20,991 $ 22,095 Liabilities and Shareholders Equity Current Liabilities Short-term debt $ 124 $ 1,103 Merchandise accounts payable 1,579 1,593 Accounts payable and accrued liabilities 2,610 2,788 Income Taxes 355 371 Deferred income taxes 407 408 Total current liabilites 5,075 6,263 Long-term debt 6,806 6,655 Deferred income taxes 1,238 1,141 Other liabilites 1,821 2,103 Shareholders' equity Common stock (387.7 and 4142 shares outstanding) 4 5 Additional paid-in capital 3,872 5,408 Accumulated Equity 5,108 4,015 Treasury Stock (2,002) (2,434) Accumulated other comprehensive loss (931) (1,061) Total shareholders' equity 6,051 5,933 Total liabilities and shareholders' equity 5 20,991 $ 22,095 Forecast Macy's fiscal 2014 income statement using the following relations. Net sales growth 5% Cost of sales/Net sales 59.7% Selling, general and administrative expenses/Net sales 306% Impairments, store closing costs and gain on sale of leases $0 Interest expense no change Premium on early retirement of debt $0 Interest income no change Income tax expense/Income before income taxes 36.5% 0 Round all answers to the nearest whole number. . Do not use negative sigg with your answers in the income statement. 2014 Income Statemen scal Years Ended ($ millions) Estimated Net Sales $ 0 Cost ofsales 0 Gross Margin 0 Selling, general and administrative expenses 0 Impairments, store closing costs and gain on sale of leases Operating income Interest expense Premium on early retirement of debt Interest Income Earnings before income tax expense Income tax expense oooooooo Net Income $ Forecast Macy's fiscal 2014 balance sheet using the following re ations ($ in millions). Assume that all capital expenditures are purchases of property and equipment Receivables/Net sales 1.3% Mechandise inventories/Net sales I 192% Prepaid expenses and other current assets/Net sales 13% CAPEX (Increase in gross Property and equipment)/Net sales 09% Goodwill no change Other intangible assets no change Other assets/Net sales 22% Mechandise accounts payable/Net sales . 57% Accounts payable and accrued liabilities/Net sales 7 V V 94% Income taxes/Net sales 1.3% Current deferred income taxes/Net sales I 15% Noncurrent deferred income taxes/Net sales 45% Other liabilites 66% Depreciation expense/Prior year gross PPE 73% Common stock and APIC no change Treasury stock no change Dividends/Net income 243% Long-term debt payments required in fiscal 2014 I $461 Long-term debt payments required in fiscal 2015 $481 0 Round answers to the nearest whole number. I Use a negative sign with your Treasury stock and Accumulated other comprehensive loss answers. Balance Sheet 2014 ($ millions) Estimated Assets Cash and cash equivalents $ Receivables Merchandise inventories Prepaid expenses and other current assets Total current assets Property and equipment, net Goodwill Other intangible assets, net Other assets Total assets $ Current Liabilities Short-term debt (includes current payments of L-T debt) $ Merchandise accounts payable Accounts payable and accrued liabilities Income taxes Deferred income taxes Total current liabilitys $ Long-term debt Deferred income taxes Other liabilitys Shareholders' equity Common Stock Additional paid-in-capital Accumulated equity Treasury stock Accumulated other comprehensive loss Total shareholders' equity Total Liabilities and Equity $