Reference no: EM131796744

Problem

Macy's, Inc., operates the two best-known high-end department store chains in North America: Macy's and Bloomingdales. The following data (in millions) were taken from its recent annual report for the year ended February 1:

Cost of sales $ 16,830
Federal, state, and local income tax expense 888
Interest expense 425
Interest income 9
Net sales 28,666
Other operating expenses 123
Selling, general, and administrative expenses 8,510

Required:

Prepare a complete classified (multiple-step) consolidated statement of income for the company (showing gross margin, operating income, and income before income taxes). (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)