The Gap Inc (NYS: GPS) Exchange rate used is that of the Year End reported date As Reported Annual Balance Sheet Report Date 01/28/2023 01/29/2022 01/30/2021 02/01/2020 02/02/2019 Currency USD USD USD USD USD Audit Status Not Qualified Not Qualified Not Qualified Not Qualified Not Qualified Consolidated Yes Yes Yes Yes Yes Scale Thousands Thousands Thousands Thousands Thousands Cash 1200000 850000 1613000 1053000 708000 Time deposits & bank certificates of deposit 15000 27000 285000 286000 341000 U.S. agency securities - - 65000 - - U.S. treasury securities - - 25000 - - Money market funds - - - 19000 26000 Domestic commercial paper - - - 6000 6000 Cash & cash equivalents 1215000 877000 1988000 1364000 1081000 Short-term investments - - 410000 290000 288000 Merchandise inventory 2389000 3018000 2451000 2156000 2131000 Accounts receivable 340000 399000 363000 316000 359000 Prepaid income taxes - - - 77000 102000 Assets held for sale 172000 49000 102000 - - Prepaid income taxes & income taxes receivable 150000 491000 409000 - - Prepaid minimum rent & occupancy expenses 106000 110000 104000 148000 157000 Right of return asset 46000 49000 43000 36000 - Derivative financial instruments 11000 16000 5000 10000 20000 Other current assets 188000 156000 133000 - 113000 Other current assets 1013000 1270000 1159000 706000 751000 Other current assets - - - 119000 - Total current assets 4617000 5165000 6008000 4516000 4251000 Furniture & equipment 2833000 2789000 2739000 2802000 2732000 Leasehold improvements 2270000 2487000 2627000 2923000 3104000 Software 1142000 1072000 1466000 1626000 1525000 Land, buildings, & building improvements 1103000 1416000 1452000 1408000 1123000 Construction-in-progress 177000 344000 165000 202000 183000 Property & equipment, at cost 7525000 8108000 8449000 8961000 8667000 Less: accumulated depreciation 4837000 5071000 5608000 5839000 5755000 Property & equipment, net of accumulated depreciation 2688000 3037000 2841000 3122000 2912000 Operating lease assets 3173000 3675000 4217000 5402000 - Long-term income tax-related assets 480000 444000 391000 256000 151000 Goodwill 207000 207000 109000 109000 109000 Trade names 54000 54000 61000 121000 92000 Restricted cash - - - 17000 338000 Intangible assets subject to amortization, net of accumulated amortization 27000 36000 - - - Other long-term assets 140000 143000 142000 136000 196000 Other long-term assets 908000 884000 703000 639000 886000 Total assets 11386000 12761000 13769000 13679000 8049000 Accounts payable 1320000 1951000 1743000 1174000 1126000 Deferred revenue 354000 345000 231000 226000 227000 Accrued compensation & benefits 243000 477000 378000 291000 254000 Short-term deferred rent & tenant allowances - - - - 101000 Liabilities held for sale 126000 - 58000 - - Sales return allowance 84000 97000 96000 74000 - Accrued advertising 44000 62000 49000 57000 41000 Accrued interest 22000 21000 44000 - - Derivative financial instruments 20000 2000 21000 10000 - Other accrued expenses & other current liabilities 326000 363000 399000 409000 401000 Accrued expenses & other current liabilities 1219000 1367000 1276000 1067000 1024000 Current portion of operating lease liabilities 667000 734000 831000 920000 - Income taxes payable 50000 25000 34000 48000 24000 Total current liabilities 3256000 4077000 3884000 3209000 2174000 Revolving credit facility 350000 - - - - Notes 1500000 1500000 2250000 1249000 1249000 Less: unamortized debt issuance costs -14000 -16000 -34000 - - Long-term debt 1486000 1484000 2216000 1249000 1249000 Long-term operating lease liabilities 3517000 4033000 4617000 5508000 - Long-term income tax-related liabilities 327000 198000 187000 152000 118000 Long-term asset retirement obligations 38000 48000 51000 56000 52000 Long-term deferred rent & tenant allowances 27000 34000 47000 50000 736000 Other long-term liabilities 152000 165000 153000 139000 167000 Lease incentives & other long-term liabilities - - - 397000 1073000 Other long-term liabilities 544000 445000 438000 - - Total long-term liabilities 5897000 5962000 7271000 7154000 2322000 Common stock 18000 19000 19000 19000 19000 Additional paid-in capital 27000 43000 85000 - - Retained earnings (accumulated deficit) 2140000 2622000 2501000 3257000 3481000 Foreign currency translation, net of tax - - - 45000 47000 Cash flow hedges - - - -5000 6000 Accumulated other comprehensive income (loss) 48000 38000 9000 40000 53000 Total stockholders' equity (deficit) 2233000 2722000 2614000 3316000 3553000 Retained earnings (accumulated deficit) 2501000 3481000 2749000 Foreign currency translation, net of tax - 47000 29000 Cash flow hedges - 6000 25000 Accumulated other comprehensive income (loss) 9000 53000 54000 Total stockholders' equity (deficit) 2614000 3553000 2904000

For your write-up, focus on four ratios only. Give a definition of the financial ratio. Then discuss how the ratio changes over the past five-year period and evaluate how Gap Inc performed in that aspect of operation.