1. What amounts did the Gap report for the following items for the fiscal year e
ID: 2454912 • Letter: 1
Question
1. What amounts did the Gap report for the following items for the fiscal year ended February 1, 2014?
A. Total net revenues
B.Total operating expenses
C. Net income
D. Total assets
E. Total stockholder's equity
2. How many shares of common stock did the The Gap have issued on February 1,2014?
3. Why do you think the Gap reports more than one year of data in its financial statements?
Consolidated balance sheet February 1,2014 February 1,2013 $ & shares in millions except par value Assets Current assets Cash and cash equivalents 1,510.00 1,460.00 Short term investments - 50.00 Merchandise inventory 1,928.00 1,758.00 Other current assets 992.00 864.00 Total current assets 4,430.00 4,132.00 Property and equipment, net 2,758.00 2,619.00 Other long-term assest 661.00 719.00 Total assets 7,849.00 7,470.00 Liabilities & Stockholder's Equity Current liabilities Current maturities of debt 25.00 - Amounts payable 1,242.00 1,144.00 Accrued expenses and other current liabilities 1,142.00 1,092.00 Income taxes payable 36.00 108.00 Long term liabilities Long term debt 1,369.00 1,246.00 Lease incentivies & other long-term liabilites 973.00 986.00 Total long-term liabilties 2,342.00 2,232.00 Commitments & contingencies Stcokholder's equity Common stock $0.05 par value Authorized 2,300 shares & Issued 1,106 shares for all periods presented:Outstanding 463 and 485 Additional paid-in capital 2,899.00 2,864.00 Retained earings 14,218.00 13,259.00 Accumulated other comprehensive income 135.00 181.00 Treasury stock at cost (14,245.00) (13,465.00) Total stockholder's equity 3,062.00 2,894.00 Total liabilities & stockholder's equity 7,849.00 7,470.00 Consolidated Statements of Income For the Fiscal Year Ended $ & shares in millions except par value February 1, 2014 February 1, 2013 February 1, 2012 Net Sales $ 16,148 $ 15,651 $ 14,549 Cost of goods sold occupancy expenses 9,855 9,480 9,275 Gross profit 6,293 6,171 5,274 Operating expenses 4,144 4,229 3,836 Operating income 2,149 1,942 1,438 Interest expense (reversal) 61 87 74 Interest income (5) (6) (5) Income before taxes 2,093 1,861 1,369 Income taxes 813 726 536 Net Income $ 1,280 $ 1,135 $ 833 Weighted average # of shares-basic 461 482 529 Weighted average # of shares-diluted 467 488 533 Earnings per share-basic $ 2.78 $ 2.35 $ 1.57 Earnings per share-diluted $ 2.74 $ 2.33 $ 1.56Explanation / Answer
A) total net revenue = $16,153
B) Total operating expense = $4144
C) Net income $1280
D) total assets $7849
E) Total stockholders equity $302
2) Stock issued 22
3) For comaprative analysis for decision making and control
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