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 annual report for the fiscal year ended February $2,2019.$

Selected Balance Sheet Data $($$ millions$)$ February

$2019$ February

$2018$

Inventories $$2,131$ $$1,997$

Accounts Payable $1,1261,181$

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.

Use negative signs with answers, if appropriate.

Balance Sheet Income Statement

Transaction Cash Asset $+$ Noncash

Assets $=$ Liabilities $+$ Contrib.

Capital $+$ Earned

Capital Revenues $-$ Expenses $=$ Net income

a$.$ Recognize cost of goods sold. Answer

$0$

Answer

Answer

$0$

Answer

$0$

Answer

$0$

Answer

$0$

Answer

$0$

Answer

$0$

b$.$ Cash paid to suppliers. Answer

Answer

$0$

Answer

Answer

$0$