When was the last time you shopped at Macy's? At the end of Chapter 15 in the text on Accounting, you will find a Team Exercise entitled, "An American Legend" (page 505), which looks at the 162-year old retail giant, Macy's. Examine the detail in the exercise, including the suggcstlon how to casy find Macy's public financial statements through financial websites like Mommingstar.coml inks.to an external site.. Use Yahoo! Finance, to find the most recent complete three years' publicly-available financial data for Macy's. Here is the link: https://finance.yahoo.com/quote/M/key-statistics/ You will typically find this in the Balance Sheet and Income Statement published in their Annual Report each year. Use this financial information to complete questions 15-16, 15-17, 15-18 and 15-19. team exercise AN AMERICAN LEGEND Macy's is an iconic American company, but like many brick- and-mortar retailers, it has been struggling to maintain market share. For this exercise, you and your team need to find the company's most recent financial statements, including the in- come statement and balance sheet. There are many sources of this data, but one quick source is Morningstar.com. If you enter the company's ticket symbol, \"M,\" in the quote box, you will find a report on the company's stock price as well as a host of other information, such as performance, key ratios and finan- cials. On the financial tab, you can find the income statement and balance sheet for the past five years. QUESTIONS FOR DISCUSSION 15-16. Looking at Macy's income statement, what has been the trend in sales (total revenue) as well as net income over the past three years? 15-17. As you have learned, gross profit is the difference between sales (or total revenues) and cost of sales (or cost of revenues). Gross profit percentage is calculated by dividing gross profit by sales (or total revenues). What is Macy's gross profit percentage for the last three years? What does this data tell you about Macy's pricing strategy and costs? 15-18. Looking at the balance sheet, what is Macy's current ratio for the three most recent years? What is the signifi- cance of these numbers? Have they been improving or getting worse? 15-19. What is the relationship between the price of Macy's stock and earnings? What are the earnings per share for each of the past three years, and what does that number mean to investors? These questions will have you calculate Macy's historical trends for revenue, net income, gross profit, current ratio, and EPS (earnings per share) for the past three years, as well as consider the implications of each. As the case study notes, Macy's has been struggling to maintain market share, and the entire retail industry has been under increasing attack from Amazon.com and other online retailers. Having examined the financial performance and ratios you have calculated in the previous questions, now respond to: How do you think Macy's is doing these last three years? What ratios support your analysis? + How do you personally feel about shopping at Macy's? What has your experience been as a customer? Do you believe Macy's will survive for five more years? Why or why not