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Problem - The following is a portion of the balance sheets of Macy's, Inc. for the years ended January 28, 2017 and January 30, 2016:
January 28, 2017
January 30, 2016
(Millions)
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Short-term debt
$309
$642
Merchandise accounts payable
1,423
1,526
Accounts payable and accrued liabilities
3,563
3,333
Income taxes
352
227
Total Current Liabilities
5,647
5,728
Long-Term debt
6,562
6,995
Deferred Income Taxes
1,443
1,477
Other Liabilities
1,877
2,123
Shareholders' Equity
Common stock (310.3 and 340.6 shares outstanding)
3
Additional paid-in capital
617
621
Accumulated equity
6,088
6,334
Treasury stock
(1,489)
(1,665)
Accumulated other comprehensive loss
(896)
(1,043)
Total Macy's, Inc. Shareholders' Equity
4,323
4,250
Non-controlling interest
(1)
Total Shareholders' Equity
4,322
4,253
Total Liabilities and Shareholders' Equity
$19,851
$20,576
Required -
1. What is Macy's debt to equity ratio for the year ended January 28, 2017?
2-a. What would be Macy's debt to equity ratio if we excluded deferred tax liabilities from its calculation?
2-b. What would be the percentage change?
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