1. Why is cash the first asset listed in the balance sheet? What is a cash equivalent?

THE GAP, INC. CONSOLIDATED BALANCE SHEETS January 30, 2021 February 1, 2020 1.988 $ 410 2,451 1,159 6,008 2,841 4,217 703 13,769 1,364 290 2,156 706 4,516 3,122 5,402 639 13,679 $ ($ and shares in millions except par value) ASSETS Current assets: Cash and cash equivalents Short-term investments Merchandise inventory Other current assets Total current assets Property and equipment, net of accumulated depreciation Operating lease assets Other long-term assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued expenses and other current liabilities Current portion of operating lease liabilities Income taxes payable Total current liabilities Long-term liabilities: Long-term debt Long-term operating lease liabilities Other long-term liabilities Total long-term liabilities Commitments and contingencies (see Note 14) Stockholders' equity: Common stock $0.05 par value Authorized 2,300 shares for all periods presented; Issued and Outstanding 374 and 371 shares Additional paid-in capital Retained earnings Accumulated other comprehensive income Total stockholders' equity Total liabilities and stockholders' equity 1,743 $ 1,276 831 34 3,884 1,174 1,067 920 48 3,209 2,216 4,617 438 7,271 1,249 5,508 397 7,154 19 19 85 2,501 9 2,614 13,769 $ 3,257 40 3,316 13,679