EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
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Locate Gap Inc.’s 2020 Annual Report (for fiscal year 2/2/20-1/30/21)
There are 10 sections of questions. You will find the information necessary to answer the questions in “Item 8. Financial Statements and Supplementary Data,” of the report. Read through the questions carefully and answer in the space provided.
What are the following amounts at 1/30/21:
Total Assets :
Total Liabilities:
Total Owner’s Equity :
At 1/30/21:
What is the percentage of debt used to finance Gap?
What is the percentage of owner’s equity used to finance Gap?
What is the significance of these two percentages?
Prepare the following for the year ended 31 December 2020
i. Income statement
ii. Balance sheet
Refer to the pictures.
Required:
Prepare the Income Statement of PUN Company for the year to 31 December 2019 and
the Statement of Financial Position as at that date in report format.
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