The following information was reported by GAP Inc. in its 2005 annual report: 2001 7387 (153) 2005 Total Assets $10048 Working Capital 2004 10713 4156 2003 10283 2972 2002 8096 1018 4062 Note: An within bracket indicates a negative figure. Instructions 1. By what percentage did total assets increase from 2001 to 2005? What was the average increase for each year? 3. Comment on the change in the Gap's liquidity position. 4. What could be the possible reasons for the change in Gap's liquidity position? 5. Would you be concerned about the liquidity position of the company? Why? 6. What additional information do you need to evaluate Gap's liquidity position more accurately 7. Recommend some actions to Gap to ensure better liquidity position. In the wake of financial scandals that are still making an impression, the Canadian Securities Administration introduced requirements in 2005 for management to evaluate the reliability of a company's accounting system and controls. This includes a review of year-end procedures, including the procedures that are used to record adjustment entries 8. Explain with examples how an adjustment entry be used to overstate net income figure PL