THE GAP, INC.

CONSOLIDATED BALANCE SHEETS

$\backslash$table$[[\backslash$table$[[($ $ and shares in millions except par value$)],[$ASSETS$]],\backslash$table$[[$January $28,],[2023]],\backslash$table$[[$January $29,],[2022]]],[$Current assets:$],[],[$Cash and cash equivalents,$$,1,215,$$$,877],[$Merchandise inventory,,$2,389,,3,018],[$Other current assets,,$1,013,,1,270],[$Total current assets,,$4,617,,5,165],[$Property and equipment, net of accumulated depreciation,,$2,688,,3,037],[$Operating lease assets,,$3,173,,3,675],[$Other long$-$term assets,,$908,,884],[$Total assets,$$,11,386,$$$,12,761],[$LIABILITIES AND STOCKHOLDERS' EQUITY$],[$Current liabilities:$],[$Accounts payable,$$,1,320,$$$,1,951],[$Accrued expenses and other current liabilities,,$1,219,,1,367],[$Current portion of operating lease liabilities,,$667,,734],[$Income taxes payable,,$50,,25],[$Total current liabilities,,$3,256,,4,077],[$Long$-$term liabilities:$],[$Revolving credit facility,,$350,,-],[$Long$-$term debt,,$1,486,,1,484],[$Long$-$term operating lease liabilities,,$3,517,,4,033],[$Other long$-$term liabilities,,$544,,445],[$Total long$-$term liabilities,,$5,897,,5,962]]$

Commitments and contingencies $($see Note $15)$

Stockholders' equity:

Common stock $$0\mathrm{.}05$ par value

Authorized $2,300$ shares for all periods presented; Issued and Outstanding $366$ and $371$ shares

Additional paid$-$in capital

Retained earnings

Accumulated other comprehensive income

Total stockholders' equity

Total liabilities and stockholders' equity

$\backslash$table$[[,18,19],[,27,43],[,2,140,2,622],[,48,38],[,2,233,2,722],[$$$,11,386,12,761]]$

Section $1.$

Balance Sheet $-$ Overview

What are the following amounts at $\frac{1}{28}\frac{?}{23}$ :

a$.$ Total Assets

b$.$ Total Liabilities

c$.$ Total Owner's Equity

At fiscal year ended $2022$:

a$.$ What is the percentage of debt used to finance Gap?

b$.$ What is the percentage of owner's equity used to finance Gap?

c$.$ What is the significance of these two percentages?

At $\frac{1}{28}\frac{?}{23}$ :

a$.$ What percentage of Gap's total assets are current assets?

b$.$ What percentage of Gap's total assets are noncurrent assets?

c$.$ Comment on whether this makes sense when you consider Gap's line of business.