The GAP. Inc., discloses the following schedule to its 2008 10-K report relating to its leasing activities.

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a. Compute the present value of GAP's operating leases using a $6 \%$ discount rate.

b. What types of adjustments might we consider to GAP's balance sheet and income statement for analysis purposes?

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Financial Accounting For MBAs

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Authors: Peter D. Easton, John J. Wild, Robert F. Halsey, Mary Lea McAnally

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The GAP. Inc., discloses the following schedule to its 2008 10-K report relating to its leasing activities.

Question:

The aggregate minimum non-cancelable annual lease payments under leases in effect on February 2, 2008, are as follows: Fiscal Year ($ millions) 2008. $1,098 2009 1,006 2010 853 2011 642 2012 449 Thereafter. 1.430 Total minimum lease commitments. $5,478

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Financial Accounting For MBAs

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