Chapter 15.I, Problem 11RE

### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

Chapter
Section

### Contemporary Mathematics for Busin...

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 $3,419, total assets is$7,849, long term and other liabilities is $2,342 and total liabilities is$4,787.

Explanation

Given Information:

The Gap’s fixed and other assets is $3,419, total assets is$7,849, long term and other liabilities is $2,342 and total liabilities is$4,787.

Formula used:

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

Current assets=Total AssetFixed and other assets

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

Current liabilities=Total liabilitiesLong term and other liabilities

The equation for stockholder’s equity is computed by subtracting total liabilities from total assets.

Stockholder’s equity=Total assetTotal liabilities

Calculation:

Consider that Gap’s fixed and other assets is $3,419, total assets is$7,849, long term and other liabilities is $2,342 and total liabilities is$4,787.

Compute current assets by substituting fixed and other assets to $3,419 and total assets to$7,849

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