Reference no: EM132701904
Question - Inferring Transactions from Financial Statements
Selected Balance Sheet Data ($ millions) February 2019
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.
Inventories $2,131 Accounts Payable $1,126
2018 February
Inventories $1,997 Accounts Payable $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? Record this with the financial statement effects template.
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