Macys, Inc., headquartered in both Cincinnati and New York, operates more than 840 stores in 45 states
Question:
Macy’s, Inc., headquartered in both Cincinnati and New York, operates more than 840 stores in 45 states under the Macy’s and Bloomingdale’s names. Its balance sheet on October 29, 2011, contained the following items ($ in millions):
Long-term debt .............. $6,151
Cash ................... ?
Total liabilities ............... ?
Shareholders’ equity ............ ?
Inventories ............... 7,158
Merchandise accounts payable ........ 3,576
Property, plant, and equipment ........ 8,423
Other assets ................ 5,585
Other liabilities ............... 6,684
Total assets ...............22,263
Prepare a condensed balance sheet, including amounts for
1. Cash. What do you think of its relative size?
2. Total Liabilities.
3. Shareholders’ Equity.
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
1 2 3 Notations 1 2 and 3 designate the answers to the requirements Cash is calculated by sub...View the full answer
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
