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 $17,010
Federal, state and local income tax expense 1,032
Interest expense 485
Interest income 5
Net sales 29,825
Other operating expense 183
Selling general and administrative expenses 8,630
Prepare a complete classified (multiple-step) consolidated statement of income for the company showing gross margin, operating income, and income before income taxes.
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Macy's, Inc., operates the two best-known high-end department store chains in North America: Macy's...
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