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Question: The following data (in millions of dollars) were adapted from the January 29, 2005 and 2004 financial statements of The GAP Inc.:

For year ending 2005 2004

Sales $16,267 $15,854

Cost of sales 9,886 9,885

Operating expenses 4,296 4,068

1. Prepare a horizontal analysis income statement for GAP that includes gross profit and operating income before taxes. Round to one decimal place.

2. Comment on the results of your horizontal analysis of GAP.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92335066

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