Review of Financial Statements for Macy's and Kohl's (Income Statement, Balance Sheet, and Statement of Cash Flows) for years 2020 and 2021.

• Horizontal Annual analysis
• Vertical Common-size analysis
• Summary and explanations for big variances within a company and when comparing the companies. To be gleaned by reviewing the financial statement disclosures. If no apparent reason given for the variance can be found in the financial statements, give your reasons for what you think could be causing the trend. This should be done in context with the rest of the trends indicated in the numbers.