Real World Financial Case Study for Accounting Intermediate.

Please see the attached.

FASB codification research; researching the way long-term debt is reported; Macy's, Inc. Real World Financials 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 10-K, 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 the Macy's, Inc., website: www.macys.com. 2. Search for Macy's. Access its 10-K filing for the year ended February 1, 2014. Search or scroll to find the financial statements and related notes. 3. What is the total debt (including current liabilities and deferred taxes) reported in the balance sheet? How has that amount changed over the most recent two years? 4. 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. Has the proportion of debt financing and equity financing changed recently? 5. Does Macy's obtain more financing through notes, bonds, or commercial paper? Are required debt payments increasing or decreasing over time? Is any short-term debt classified as long-term? Why? 6. Note 6: Financing includes the following statement: \"On November 20, 2012, the Company issued $750 million aggregate principal amount of 2.875% senior unsecured notes due 2023 and $250 million aggregate principal amount of 4.3% senior unsecured notes due 2043. This debt was used to pay for the notes repurchased on November 28, 2012 described above, and to retire $298 million of 5.875% senior unsecured notes that matured in January 2013.\" Under some circumstances, Macy's could have reported the amounts due in 2013 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 (asc.fasb.org), from your school library, or some other source. Determine the criteria for reporting currently payable debt as long-term. What is the specific codification citation that Macy's would rely on in applying that accounting treatment