Question

Formulating a Statement of Stockholders' Equity from Raw Data Gap, Inc., reports the following selected information at January 30, 2010 ($ millions). Contributed capital, Jan. 30, 2010 $2,990 Treasury stock, Jan. 30, 2010 (9,069) Retained earnings, Jan. 30, 2010 10,815 Accumulated other comprehensive income, Jan. 30, 2010 155 During fiscal year 2011, Gap reported the following: 1. Sale of stock $ 4 2. Purchase of stock 1,797 3. Net income 1,204 4. Cash dividends 252 5. Other comprehensive income 30 Use this information to prepare the statement of stockholders' equity for Gap, Inc., for year ended January 29, 2011. Hint: Enter treasury stock, cash dividends and losses as negative numbers.

Answer 1

Answer:

RAW DATA GAP, INC    

statement of stockholders' equity    

for the year ended January 29th, 2011    

$\left[\begin{array}{cccccc}& C Stock& R/E& OCI& Treasury Stock& Total\\ Balance Jan 1&2990&10815&155&-9069&4891\\ Net Earnings&&1204&30&&1234\\ Dividends&&-252&&&-252\\ sale of stcok&&&&4&4\\ purchase of stock&&&&-1797&-1797\\ Balance, Dec 31&2990&11767&185&-10862&4080\\\end{array}\right]$

Explanation:

We list each equity concept and writetheir change and net effect on the total equity