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Forecasting the Statement of Cash Flows

Following are the income statements and balance sheets of Macy's, Inc.

Consolidated Statement of Income, Fiscal Years Ended ($ millions)	2014 Estimated	Feb. 2, 2013
Net sales	$29,070	$27,686
Cost of goods sold	17,355	16,538
Gross margin	11,715	11,148
Selling, general and administrative expenses	8,895	8,482
Impairments, store closing costs and (gain) on sale of leases	--	5
Operating income	2,820	2,661
Interest Expense	425	425
Premuim on early retirement debt (loss)	--	(137)
Interest income	3	3
Income before income taxes	2,398	2,102
Federal, state and local income tax expense	875	767
Net Income	$1,523	$1,335

Consolidated Balance Sheets (millions)	2014 Estimated	Feb. 2, 2013
Assets
Current Assets
Cash and cash equivalents	$1,919	$1,836
Short-term investments	1,478	0
Receivables	378	371
Merchandise inventories	5,581	5,308
Prepaid expenses and other current assets	378	361
Total current assets	9,734	7,876
Property and equipment, gross	14,405	14,143
Less accumulated depreciaion	6,979	5,947
Property and equipment, net	7,426	8,196
Goodwill	3,743	3,743
Other intangible assets--net	561	561
Other assets	640	615
Total assets	$22,104	$20,991
Liabilities and Shareholders Equity
Current Liabilities
Short-term debt (current portion of long-term debt)	$144	$124
Merchandise accounts payable	1,657	1,579
Accounts payable and accrued liabilities	2,733	2,610
Income Taxes	378	355
Deferred income taxes	436	407
Total current liabilites	$5,348	$5,075
Long-term debt	6,325	6,806
Deferred income taxes	1,308	1,238
Other liabilites	1,919	1,821
Shareholders' equity
Common stock (387.7 and 414.2 shares outstanding)	4	4
Additional paid-in capital	3,872	3,872
Accumulated Equity	6,261	5,108
Treasury Stock	(2,002)	(2,002)
Accumulated other comprehensive loss	(931)	(931)
Total shareholders' equity	7,204	6,051
Total liabilities and shareholders' equity	$22,104	$20,991

CAPEX (Increase in gross Property and equipment)/Net sales	0.90%
Depreciation expense/Prior year gross PPE	7.30%
Dividends/Net income	24.30%
Long-term debt payments required in fiscal 2014	$461

Refer to the financial information above for Macy's, Inc. Prepare a forecast of its financial year 2014 statement of cash flows.

Round all answers to the nearest whole number. Use negative signs with answers, when appropriate.

Macy's Forcasted Statement of Cash Flows
($ millions)	2014 Estimated
Net income	$Answer
Add: depreciation	Answer
Change in Receivables	Answer
Change in Merchandise inventories	Answer
Change in Other prepaid expenses & other current assets	Answer
Change in Other long-term assets	Answer
Change in Merchandise accounts payable	Answer
Change in Accounts payable & accrued liabilities	Answer
Change in Income taxes	Answer
Change in Deferred income taxes	Answer
Change in Long-term deferred income taxes	Answer
Change in Other long-term liabilities	Answer
Net cash from operating activities	Answer
Capital expenditures	Answer
Increase in Short-term investments	Answer
Net cash from investing activities	Answer
Dividends	Answer
Payments of LT debt	Answer
Net cash from financing activities	Answer
Net change in cash	Answer
Beginning cash	Answer
Ending cash	$Answer