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Refer to the income statements for The Gap, Inc., presented below. a. Prepare common-size income statements for fiscal years 2014 (ending January 31, 2015) and 2013 (ending February 1, 2014). Round answers to one decimal place (i.e., 0.2568 = 25.7%). The Gap, Inc. Common-Size Income Statements Fiscal year ended Jan. 31, 2015 Feb. 1, 2014 Net sales $16,435 0% $16,148 0 % Cost of goods sold & occupancy expenses 10,146 Gross profit 0 % 9,855 0% 6,289 0 % 6,293 0 % Operating expenses 4,206 0% 4,144 0 % Operating income 2,083 0% 2,149 0 % Interest expense 75 0 % 61 0% Interest income (5) 0 % (5) 0% Income before income taxes 2,013 0 % 2,093 0% Income taxes 751 0% 813 0% Net earnings $1,262 0 % $1,280 0 %

Refer to the income statements for The Gap, Inc., presented below. a. Prepare common-size income statements for fiscal years 2014 (ending January 31, 2015) and 2013 (ending February 1, 2014). Round answers to one decimal place (i.e., 0.2568 = 25.7%). The Gap, Inc. Common-Size Income Statements Fiscal year ended Jan. 31, 2015 Feb. 1, 2014 Net sales $16,435 0% $16,148 0 % Cost of goods sold & occupancy expenses 10,146 Gross profit 0 % 9,855 0% 6,289 0 % 6,293 0 % Operating expenses 4,206 0% 4,144 0 % Operating income 2,083 0% 2,149 0 % Interest expense 75 0 % 61 0% Interest income (5) 0 % (5) 0% Income before income taxes 2,013 0 % 2,093 0% Income taxes 751 0% 813 0% Net earnings $1,262 0 % $1,280 0 %

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 39E: Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for...
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Common-Size and Forecast Income Statements Refer to the income statements for The Gap, Inc., presented below. a. Prepare common-size income statements for fiscal years 2014 (ending January 31, 2015) and 2013 (ending February 1, 2014). Round answers to one decimal place (i.e., 0.2568 = 25.7%). The Gap, Inc. Common-Size Income Statements Fiscal year ended Jan. 31, 2015 Feb. 1, 2014 Net sales $16,435 0 % $16,148 0% Cost of goods sold & occupancy expenses 10,146 0 % 9,855 0% Gross profit 6,289 0 % 6,293 Operating expenses 4,206 0% 4,144 0% Operating income 2,083 0% 2,149 0% Interest expense 75 0 % 61 0 % Interest income (5) 0% (5) 0% Income before income taxes 2,013 0 % 2,093 0% Income taxes 751 0 % 813 0% Net earnings $1,262 0 % $1,280 0%
Transcribed Image Text:Common-Size and Forecast Income Statements Refer to the income statements for The Gap, Inc., presented below. a. Prepare common-size income statements for fiscal years 2014 (ending January 31, 2015) and 2013 (ending February 1, 2014). Round answers to one decimal place (i.e., 0.2568 = 25.7%). The Gap, Inc. Common-Size Income Statements Fiscal year ended Jan. 31, 2015 Feb. 1, 2014 Net sales $16,435 0 % $16,148 0% Cost of goods sold & occupancy expenses 10,146 0 % 9,855 0% Gross profit 6,289 0 % 6,293 Operating expenses 4,206 0% 4,144 0% Operating income 2,083 0% 2,149 0% Interest expense 75 0 % 61 0 % Interest income (5) 0% (5) 0% Income before income taxes 2,013 0 % 2,093 0% Income taxes 751 0 % 813 0% Net earnings $1,262 0 % $1,280 0%
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