Chapter 1, Problem 1.11DMP

Real World Case 1–15

Elements; disclosures; The Gap, Inc.

• LO1–7, LO1–9

Real World Financials

Access the financial statements for the year ended January 30, 2016 for The Gap, Inc. by downloading them from www.gapinc.com, and use them to answer the following questions.

Required:

1. What amounts did The Gap report for the following items for the fiscal year ended January 30, 2016?

a. Total net revenues

b. Total operating expenses

c. Net income (earnings)

d. Total assets

e. Total stockholders’ equity

2. How many shares of common stock did The Gap have issued on January 30, 2016?

3. Why do you think The Gap reports more than one year of data in its financial statements?