Gap Inc. operates chains of retail clothing stores under the names of Gap Banana Republic, and Old

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Gap Inc. operates chains of retail clothing stores under the names of Gap Banana Republic, and Old Navy. Exhibit 3.24 presents the statement of cash flows for Gap for Year 0 to Year 4.

Required
Discuss the relationship between net income and cash flow from operations and between cash flows from operating, investing, and financing activities for the firm over the five-year period.

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