This is a Financial Reporting Project. I'm having a hard time finding some of the information and I also want to make sure the information I do have down is correct.

Please help!! Thank you :)

AutoSave OFF A svo: GAP and MACY.xls - Compatibility Mode - Saved to my Mac Home Insert Draw Page Layout Formulas Data Review View Share Comments Arial 10 AA Ouv ab Wrap Text General D UTIH Agu = = = E Insert Delete Format Paste BI U A Merge & Center vi $ % 9 _09_ Conditional Format Formatting as Table Cell Styles ideas X Sort & Filter Sensitivity V Find & Select A1 , X fx Name: F G H 2 2018 Annual Reports for.... 3 Review the FRP syllabus under FRP at the class website 4 From the Annual Reports GAP, Inc. Annual report Macy's Inc. Annual Report 5 1. What is the official name and headquarters (city) of the corporation? . GAP, Inc. // San Francisco, California Macy's, Inc. Il Cincinnati, Ohio 2pts (.5 each) February 4, 2018 February 2, 2019 2pts (1 each) 7 38 F-7 2pts (1 each) 39 F-5 2pts (1 each) 2. What is the most recent fiscal year (accounting period) for the corporation covered by this report? Give the first and last day. (example: January 1, 2018 December 31, 2018. June 1, 2018- May 31, 2019.) The year does not have to be calendar!! February 4, 2018- February 2, 2019 3. What is the page number of the (consolidated) balance sheet? Use the report number not the acrobat number. 4. What is the page number of the (consolidated) income statement? 8 Use report not abode page number 5. What is the page number of the (consolidated) statement of cash 9 flows? Uuse report, not adobe page number 6. What is the page number of the statement of shareholders equity? 10 Use report number, not adobe. 11 7. Most Companies truncate (drop zeros) from the numbers on Assets 8,049,000,000 12 the financial statements. At the top, they tell you how many Liabilities 4,496,000,000 13 zero's they dropped. For example, if they say "in thousands", OE 3,553,000,000 3 zeros should be added to the numbers. Prove the accounting equation 14 for each company, and add the right Total Liab + OE= 8,049,000,000 42 F-9 2pts (1 each) 41 F-8 Assets 19,194,000,000 Liabilities 12,758,000,000 OE 6,436,000,000 2pts (1 each) 2pts (1 each) 2pts (1 each) 2pts (1 each) Total Liab + OE 19,194,000,000 4pts (2 each) (show what the liabilities and OE lines above equal to.) (show what the liabilities and OE lines above equal to.) 15 number of zeroes to each number. 8. What is the corporation's consolidated net income for the most recent 16 annual report year. Income or Loss? Income 1,003,000,000 Income 1,098,000,000 4pts (2 each) 2pts (1 each) 17 9. Who is the corporations's independent auditor? Deloitte & Touche LLP KPMG LLP 18 10. What was the largest current asset on the financial statements? Merchandise Inventory Merchandise Inventory 2pts (1 each) Long-Term Debt Long-Term Debt 19 11. What was the largest current liability on the financial statements? From hoovers.com or finance.yahoo.com or other, just tell us your 20 source 12. Check out each company's stock price today. Give me the price, 21 the date and the source. 17.33, 10/25/2019, Yahoo Finance 15.58, 10/25/2019, Yahoo Finance 2pts (1 each) 13. Read a recent news story about the companies. Briefly summarize what you learned. (Just a sentence or 2-but tell me where it came 23 from and the date). 2pts (1 each) Class Sheet + @ 0 - - 106% AutoSave OFF A svo: GAP and MACY.xls - Compatibility Mode - Saved to my Mac Home Insert Draw Page Layout Formulas Data Review View Share Comments Arial 10 AA Ouv ab Wrap Text General D ID Agu = = = E 2 Insert Delete Format Paste A Merge & Center vi $ % 9 _09_ Conditional Format Formatting as Table Cell Styles ideas X Sort & Filter Sensitivity V Find & Select BI U X fx Name: A1 E F G H 17 9. Who is the corporations's independent auditor? Deloitte & Touche LLP KPMG LLP 2pts (1 each) 18 10. What was the largest current asset on the financial statements ? Merchandise Inventory Merchandise Inventory 2pts (1 each) Long-Term Debt Long-Term Debt 19 11. What was the largest current liability on the financial statements? From hoovers.com or finance.yahoo.com or other, just tell us your 20 source. 12. Check out each company's stock price today. Give me the price, 21 the date and the source. 22 13. Read a recent news story about the companies. Briefly summarize what you learned. (Just a sentence or 2-but tell me where it came 23 from and the date). 17.33, 10/25/2019, Yahoo Finance 15.58, 10/25/2019, Yahoo Finance 2pts (1 each) 2pts (1 each) 24 25 14. Read footnote 1- List the business the companies are in. 2pts (1 each) Income taxes payable, net of prepaid, accrued expenses and other current liabilities, other current assets and long-term assets. An accrued liability means that the liability has been realized but no cash has been used yet. 15. Read the footnote on Accounts Payable and Accrued Liabilities for Macy's and Accrued Expenses and Other Current Liabilities for Gap- List 4 accounts for them for each company and explain what it means to 26 be an accrued liability. 2pts (1 each) The Company recognizes revenue for our single performance obligation related to online sales and catalog sales at the time control of the merchandise passes to the customer, which is generally at the time of shipment. This is consistent to the accrual method of accounting because they are regonizing revenue once the merchandise is in the customers possession or once they have incurred an expense. 16. Read the footnotes, how does each company recognize Revenue? 27 Explain how this is consistent with the accrual method of accounting 2pts (1 each) Total Class Sheet + @ 0 - - + 106%