Assignment 4: Financial Acct 2

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cf_Unit4_CP8_2.xlsx
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CP8-2

CP8-2 Finding Financial Information LO8-1, 8-2, 8-6
Refer to the financial statements of Urban Outfitters given in Appendix C at the end of this book.
Required:
1. What method of depreciation does the company use?
2. What is the amount of accumulated depreciation and amortization at the end of the most recent reporting year?
3. For depreciation purposes, what is the estimated useful life of furniture and fixtures?
4. What was the original cost of leasehold improvements owned by the company at the end of the most recent reporting year?
5. What amount of depreciation and amortization was reported as expense for the most recent reporting year?
6. What is the company’s fixed asset turnover ratio for the most recent year? What does it suggest?

CP8-2 Check Figures

CP8-2 Finding Financial Information LO8-1, 8-2, 8-6
Refer to the financial statements of Urban Outfitters given in Appendix C at the end of this book.
Required:
1. What method of depreciation does the company use?
2. What is the amount of accumulated depreciation and amortization at the end of the most recent reporting year?
3. For depreciation purposes, what is the estimated useful life of furniture and fixtures?
4. What was the original cost of leasehold improvements owned by the company at the end of the most recent reporting year?
5. What amount of depreciation and amortization was reported as expense for the most recent reporting year?
6. What is the company’s fixed asset turnover ratio for the most recent year? What does it suggest?
3.89

Sheet2

List 1
Specific identification
First-in, first-out
Last-in, first-out
Average cost