1. What is the amount of current assets as of 1/30/21?

2. What is the amount of inventory is at 1/30/21?

3. What valuation principle does GAP used to value these inventories?

4. Which cost flow assumption does GAP use to determine the cost of inventories?

5. What is the amount of non-current assets at 1/30/21?

6. What is the amount of property and equipment net held by GAP at 1/3-/21?

7. How much depreciation has been recorded on these assets at 1/30/21?

8. What method does GAP use to calculate depreciation?

THE GAP, INC. CONSOLIDATED BALANCE SHEETS January 30, 2021 February 1, 2020 $ 1,988 $ 410 2,451 1,159 6,008 2,841 4,217 703 13,769 $ 1,364 290 2,156 706 4,516 3,122 5,402 639 13,679 $ $ ($ and shares in millions except par value) ASSETS Current assets: Cash and cash equivalents Short-term investments Merchandise inventory Other current assets Total current assets Property and equipment, net of accumulated depreciation Operating lease assets Other long-term assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued expenses and other current liabilities Current portion of operating lease liabilities Income taxes payable Total current liabilities Long-term liabilities: Long-term debt Long-term operating lease liabilities Other long-term liabilities Total long-term liabilities Commitments and contingencies (see Note 14) Stockholders' equity: Common stock $0.05 par value Authorized 2,300 shares for all periods presented; Issued and Outstanding 374 and 371 shares Additional paid-in capital Retained earnings Accumulated other comprehensive income Total stockholders' equity Total liabilities and stockholders' equity 1,743 $ 1,276 831 34 3,884 1,174 1,067 920 48 3,209 2,216 4,617 438 7,271 1,249 5,508 397 7,154 19 19 85 2,501 9 2,614 13,769 $ 3,257 40 3,316 13,679 $ THE GAP, INC. CONSOLIDATED BALANCE SHEETS January 30, 2021 February 1, 2020 $ 1,988 $ 410 2,451 1,159 6,008 2,841 4,217 703 13,769 $ 1,364 290 2,156 706 4,516 3,122 5,402 639 13,679 $ $ ($ and shares in millions except par value) ASSETS Current assets: Cash and cash equivalents Short-term investments Merchandise inventory Other current assets Total current assets Property and equipment, net of accumulated depreciation Operating lease assets Other long-term assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued expenses and other current liabilities Current portion of operating lease liabilities Income taxes payable Total current liabilities Long-term liabilities: Long-term debt Long-term operating lease liabilities Other long-term liabilities Total long-term liabilities Commitments and contingencies (see Note 14) Stockholders' equity: Common stock $0.05 par value Authorized 2,300 shares for all periods presented; Issued and Outstanding 374 and 371 shares Additional paid-in capital Retained earnings Accumulated other comprehensive income Total stockholders' equity Total liabilities and stockholders' equity 1,743 $ 1,276 831 34 3,884 1,174 1,067 920 48 3,209 2,216 4,617 438 7,271 1,249 5,508 397 7,154 19 19 85 2,501 9 2,614 13,769 $ 3,257 40 3,316 13,679 $