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Question 2: Foot Locker Inc., a retailer of athletic footwear and apparel, operates 1,835 stores in the United States, Canada, Europe, Australia, and New Zealand.
Question 2: Foot Locker Inc., a retailer of athletic footwear and apparel, operates 1,835 stores in the United States, Canada, Europe, Australia, and New Zealand. During its 2015 scal year ended in January 2016, Foot Locker purchased merchandise inventory costing $4,942 ($ millions). Assume Foot Locker makes all purchases on credit and its accounts payable is only used for inventory purchases. Its 2015 balance sheet contains the following information ($ millions): 2015 2014 Inventories 1,285 1,250 Accounts Payable 279 301 Required: a. Show how the inventory purchase in 2015 affect the above two accounts. b. What amount did Foot Locker pay in case to its suppliers during fiscal year 2015? Explain. c. What amount of inventories did Foot Locker sell during 2015
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