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Gap Inc Future GAP Inc. Comparative Balance Sheets Gap Inc.'s 2006 balance sheet under assets shows a significant increase in the combined merchandise inventory
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Submitted by mangkiko on June 2, 2008
Category: Business
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GAP Inc.
Comparative Balance Sheets
Gap Inc.’s 2006 balance sheet under assets shows a significant increase in the combined merchandise inventory and other current assets of $188 million and a slight decrease in their cash and cash equivalent by $5 million. Their short-term investment and restricted cash plunged -40% and -20% respectively losing $393 million. This was a result of Gap Inc.’s repurchasing their common stock shares and an increased in their capital expenditures. Common stock repurchases increased Treasury stock 19.8% or $1 billion; dropping outstanding shares to 43,116 from the previous year. Additional paid-in capital increased by a healthy $229 million at the same time decreasing long-term debt by -63% or $325 million as a result of the repurchase plan. Gap Inc.’s decrease in income tax payables to -81% for a savings of $69 million resulted from favorable tax rate settlement. Accrued expenses which comprises of payroll and related benefits, deferred rent liability and other current liabilities; climbed to $97 million up 13% from 2005; further increasing their current liabilities to $330 million up 17% from 2005.
Comparative Income Statements
Gap Inc.’s, suffered a substantial decrease in earnings for the year 2006 compared to 2005. A drop of $335 million or -30% from the previous year in earnings is attributable to the following reasons. A slight increase in the cost of goods expense which comprises of: merchandise cost, inventory losses, freight charges, production, insurance, rent, maintenance cost, real estate taxes, utilities and other associated expenses; cost Gap Inc. $140 million more than the previous year. An increased in operating expense of $351 million compared to 2005, was partly due to increased in marketing efforts which cost $91 million, an increased of $169 million in payroll for adding 1000 more employees, an increased of $32 million for shared-based compensation, $61 million...
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