Reference no: EM132699043
Inferring Transactions from Financial Statements
The GAP is a global clothing retailer for men, women, children, and babies. The following information is taken from The Gap's annual report for the fiscal year ended February 2, 2019.
Selected Balance Sheet Data ($ millions) February 2019 February 2018
Merchandise inventory . . . . . . . . . . . . . . . . . . . . . . $2,131 $1,997
Accounts Payable. . . . . . . . . . . . . . . . . . . . . . . . . . 1,126 1,181
Problem a. The Gap purchased inventories totaling $10,392 for the fiscal year ended February 2, 2019. Use the financial statement effects template to record cost of goods sold for The Gap's fiscal year ended February 2, 2019. (Assume accounts payable is used only for recording purchases of inventories and all inventories are purchased on credit.)
Problem b. What amount did the company pay to suppliers during the year? Record this with the financial state- ment effects template
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What amount did the company pay to suppliers during the year
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