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The GAP is a global clothing retailer for men, women, children, and babies. The following information is taken from The Gap's fiscal 2015 annual report. Selected Balance Sheet Data ($ millions) 2015 2014 Inventories $1,873 $1,889 Accounts Payable 1,112 1,173 a. The Gap purchased inventories totaling $10,061 million during fiscal 2015. Use the financial statement effects template to record cost of goods sold for The Gap's fiscal year ended 2015. (Assume accounts payable is used only for recording purchases of inventories and all inventories are purchasd on credit.) b. What amount did the company pay to suppliers during the year? Record this with the financial statement effects template. Use negative signs with answers, if appropriate.

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Answer:

a. The Gap purchased inventories totaling $10,061 million during fiscal 2015.

  • $10,077 million

b. What amount did the company pay to suppliers during the year?

  • $10,122 million

       Assets              =             Liabiltiies            +             Equity

a.         0                                         0                                -$10,077

b.    -$10,122                           -$10,122

      Revenue           -            Expenses              =              Net income

a.         0                                $10,077                                 -$10,077

b.         0                                     0                                             0    

Explanation:

                                           2015         2014

Inventories                      $1,873       $1,889

Accounts Payable           $1,112        $1,173

COGS for 2015 = beginning inventory + 2015 purchases - ending inventory = $1,889 + $10,061 - $1,873 = $10,077

Amount paid to suppliers = beginning inventory + 2015 purchases - ending inventory = $1,173 + $10,061 - $1,112 = $10,122

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