Chapter 15.I, Problem 11RE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Calculate the missing balance sheet items for Exercise 9, The Home Depot; Exercise 10, Amazon.com; and Exercise 11, Gap. Complete each company's column; then move on to the next column.

**THE BALANCE SHEET (in millions)**

Company Date |
Gap Inc. February 1, 2014 |

Current Assets | 3,419 |

Fixed and Other | 7,849 |

Assets—net | 2,342 |

Total Assets | 4,787 |

Current Liabilities | |

Long-Term and Other Liabilities | |

Total Liabilities | |

Stockholders' Equity |

To determine

**To calculate:** The current assets, current liabilities and stockholder’s equity for Gap Inc. if fixed and other assets is

Explanation

**Given Information:**

The Gapâ€™s fixed and other assets is

**Formula used:**

The equation for current assets is computed by subtracting fixed and other assets from total asset.

The equation for current liabilities is computed by subtracting long term and other liabilities from total liabilities.

The equation for stockholderâ€™s equity is computed by subtracting total liabilities from total assets.

**Calculation:**

Consider that Gapâ€™s fixed and other assets is

Compute current assets by substituting fixed and other assets to

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