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 fiscal 2015 annual report. Selected Balance Sheet Data (s millions) 2015 2014 Inventories $1,939 $1,823 Accounts Payable 1,178 1,107 a. The Gap purchased inventories totaling $10,550 million during fiscal 2015. Use the financial statement effects template to record cost of goods sold for The Gap's fiscal year ended 2015. (Assume accounts payable purchases of inventories and all inventories are purchased on credit.) used only for recording b. What amount did the company pay to suppliers during the year? Record this with the financial statement effects template. Use negative signs with answers, if appropriate. Balance Sheet Income Statement Earned Capital + + Expenses = Net income Transaction a. Recognize cost of goods sold. b. Cash paid to suppliers Cash Asset + 0 0 Noncash Assets 0 0 Liabilities 0 0 Contrib. Capital 0 0 Revenues - 0 0 0 0 0 0