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
Inventories $2,131 $1,997
Accounts Payable 1,126 1,181
a. The Gap purchased inventories totaling $10,392 million 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.)
b. What amount did the company pay to suppliers during the year?
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Inferring Transactions from Financial Statements
The GAP is a global clothing retailer for men, wo...
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