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Nady [450]
2 years ago
11

Inferring Transactions from Financial Statements

Business
1 answer:
denpristay [2]2 years ago
6 0

Gap's cost of goods sold is $10,258 million and Cash paid to supplier is $10,447 million.

Let understand that Cost of good sold refers to amount of expenses incurred to produce the goods produced by a firm.

  • The formulae for deriving the Cost of Goods Sold is {Beginning Inventories + Purchases – Ending Inventories}.

  • Information given are <em>Purchased inventories $10,392, Ending inventories $2,131 and Beginning inventories $1,997</em>

<em />

Cost of goods sold = $1,997 + $10,392 - $2,131

Cost of goods sold = $10,258

  • In conclusion, the amount of Gap's cost of goods sold is $10,258

Let understand that Cash paid to accounts payable refers to net amount paid to supplier of goods.

  • The formulae for deriving the Cash paid to accounts payable is  Beginning balance for 2015 + Purchases - Ending balance for 2015

Cash paid to accounts payable = $1,181 + $10,392 - $1,126

Cash paid to accounts payable = $10,447

  • In conclusion, the amount of Gap's Cash paid to supplier is $10,447

Learn from similar solution here

<em>brainly.com/question/16805564</em>

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