Answered Essay: Hi, I´m working on this problem and I need some help for a) and b) in the template below for Balance sheet and Inc

Hi, I´m working on this problem and I need some help for a) and b) in the template below for Balance sheet and Income Statement for “?” sign ? … Thank you

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 $1,845 $1,917
Accounts Payable 1,084 1,201

a. The Gap purchased inventories totaling $9,938 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 purchased 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.

Balance Sheet Income Statement
Transaction Cash Asset + Noncash
= Liabilities + Contrib.
+ Earned
Revenues Expenses = Net income
a. Recognize cost of goods sold. ? ? ? ? ? ? ? ?
b. Cash paid to suppliers. ? ? ? ? ? ? ? ?

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