2017 Annual Reports for. GAP, Inc. Abercrombie Fitch Co.

2017 Annual Reports for…. GAP, Inc. Abercrombie & Fitch Co. Review the FRP syllabus under FRP at the class website Annual report Annual Report From the Annual Reports (Use this link for the annual report form http://corporate.abercrombie.com/investors/financials-sec-filings/annual-reports-proxy/annual-reports and this link for the gap annual report http://investors.gapinc.com/phoenix.zhtml?c=111302&p=irol-reportsAnnual ) Complete in Excel

1. What is the official name and headquarters (city) of the corporation? (2pts) . 2pts (.5 each)

2. What is the most recent fiscal year (accounting period) for the corporation covered by this report? Give the first and last day. (example: January 1, 2017-December 31, 2075. June 1, 2017- May 31, 2018.) The year does not have to be calendar!! (2pts) 2pts (1 each)

3. What is the page number of the (consolidated) balance sheet? Use the report number not the acrobat number. (2pts) 2pts (1 each)

4. What is the page number of the (consolidated) income statement? (2pts). Use report not abode page number 2pts (1 each)

5. What is the page number of the (consolidated) statement of cash flows? (2pts) use report, not adobe page number 2pts (1 each)

6. What is the page number of the statement of shareholders equity? (2pts). Use report number, not adobe. 2pts (1 each)

7. Most Companies truncate (drop zeros) from the numbers on Assets Assets 2pts (1 each) the financial statements. At the top, they tell you how many Liabilities Liabilities 2pts (1 each) zero’s they dropped. For example, if they say “in thousands”, OE OE 2pts (1 each) 3 zeros should be added to the numbers. Prove the accounting equation for each company, and add the right Total Liab + OE Total Liab + OE 4pts (2 each) number of zeroes to each number. (10 pts) (show what the liabilities and OE lines above equal to.) (show what the liabilities and OE lines above equal to.)

8. What is the corporation’s consolidated net income for the most recent annual report year. (4pts) Income or Loss? 4pts (2 each)

9. Who is the corporations’s independent auditor? (2 pts) 2pts (1 each)

10. What was the largest current asset on the financial statements? (2pt) 2pts (1 each)

11. What was the largest current liability on the financial statements? (2p) From hoovers.com or finance.yahoo.com or other, just tell us your source.

12. Check out each company’s stock price today. Give me the price, the date and the source. (2 pts) 2pts (1 each)

13. Read a recent news story about the companies. Briefly summarize what you learned. (Just a sentence or 2- but tell me where it came from and the date).. (1pt each) 2pts (1 each)

14. Read footnote 1- List the business the companies are in. 2pts (1 each)

15. Read the footnote on other accrued liabilities for Abercrombie and see the consolidated balance sheet for GAP- List 4 accounts for them for each company and explain what it means to be an accrued liability. 2pts (1 each)

16. Read the footnotes, how does each company recognize Revenue? Explain how this is consistent with the accrual method of accounting. 2pts (1 each) Total 40