Capitol vs. Expense

After three years use however it was decided to

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Unformatted text preview: After three years' use, however, it was decided to recondition the truck thoroughly, including a new engine and transmission, at a C cost of$4,000. By making this expenditure it was believed that the useful life ofthe truck would be extended from the original estimate of four years to a total of six years. c e ----- --------- ---- THE GAP, INC. CONSOLIDATED BALANCE SHEETS ($and shares in millions except par value) ASSETS Current assets: Cash and cash equivalents Short-term investments Merchandise inventory Other current assets Total current assets Property and equipment, net Other long-term assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current maturities of debt Accounts payable Accrued expenses and other current liabilities Income taxes payable Total current liabilities Long-term liabilities: Long-term debt Lease incentives and other long-term liabilities Total long-term liabilities Commitments and contingencies (see Notes 10 and 14) Stockholders' equity: Common stock $0.05 pa...
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