The gap inc discloses the following schedule to its 2013, Ask an Expert

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The GAP, Inc. discloses the following schedule to its 2013 10-K report relating to its leasing activities.

The aggregated minimum noncancelable annual lease payments under leases in effect on February 2, 2013, are as follows:

Fiscal Year ($ millions)

2013-$1,093

2014-$1,069

2015-$924

2016-$753

2017-$584

Thereafter-$1,709

Total minimum lease commitments-$6,132

Compute the present value of GAP’s operating leases using a 6% discount rate and round the remaining lease term to the nearest whole year.

What types of adjustments might we consider to GAP’s balance sheet and income statement for analysis purposes?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92044476

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