Inferring Transactions from Financial StatementsThe GAP is a global clothing retailer for men, women, children, and babies. The following information is taken from The Gap's fiscal 2015 annual report.Selected Balance Sheet Data ($ millions) 2015 2014Inventories$1,845 $1,917Accounts Payable1,084 1,201a. The Gap purchased inventories totaling $9,938 million during fiscal 2015. Use the financial statement effects template to record cost of goods sold for The Gap's fiscal year ended 2015. (Assume accounts payable is usedonly for recording purchases of inventories and all inventories are purchased on credit.)b. What amount did the company pay to suppliers during the year? Record this with the financial statement effects template.Use negative signs with answers, if appropriate.Transactiona. Recognize cost of goods sold.b. Cash paid to suppliers.Cash Asset +NoncashAssetsBalance SheetLiabilitiesContrib.CapitalEarnedCapitalRevenues-Income StatementExpenses= Net income

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Description: Inferring Transactions from Financial StatementsThe GAP is a global clothing retailer for men, women, children, and babies. The following information is taken from The Gap's fiscal 2015 annual report.Selected Balance Sheet Data ($ millions) 2015 201

To calculate the cost of goods sold, the beg inventory and purchases is added . The closing…

Business

Accounting

8 million during fiscal 2015. Use the financial statement effects template to record cost of goods sold for The Gap's fisca all inventories are purchased on credit.) ers during the year? Record this with the financial statement effects template. Noncash Assets Balance Sheet Liabilities + Contrib. Capital Earned Capital Revenues Income Statement Expenses -Net income

8 million during fiscal 2015. Use the financial statement effects template to record cost of goods sold for The Gap's fisca all inventories are purchased on credit.) ers during the year? Record this with the financial statement effects template. Noncash Assets Balance Sheet Liabilities + Contrib. Capital Earned Capital Revenues Income Statement Expenses -Net income

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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