Question: Macy s Inc is the parent company of Macy s and Blooming

Macy’s Inc. is the parent company of Macy’s and Blooming dale’s department stores. Use Macy’s annual report with a year-end of February2, 2008, to answer the following questions. The annual report can be found at; follow the links to investor relations.
Answer each of the following questions for the fiscal year ended February 2, 2008.
(a) Does Macy’s still have an in-house (proprietary) credit card? Explain.
(b) What is the balance on February 2, 2008, in accounts receivable?
(c) What amount of uncollectible accounts (related to in-house credit cards) were written off during 2005 and 2006?
(d) What was the company’s previous policy about writing off uncollectible accounts?
(e) What is the average balance in accounts receivable?
(f) What is the total of Macy’s net sales for 2007?
(g) Assume that a net sale is equivalent to net credit sales. Calculate the accounts receivable turnover ratio and the age of receivables ratio. Comment on the results.
(h) What is the amount of Macy’s cash and cash equivalents at February 2, 2008? How does Macy’s determine what to classify within this account?

View Solution:

Sale on SolutionInn
  • CreatedMarch 27, 2015
  • Files Included
Post your question