Assignment: Financial Accounting 2

CopyofMBA6014_Unit2_CP4_2.xlsx

CP4-2

CP4-2	Finding Financial Information			LO4-2, 4-3, 4-4
	Refer to the financial statements of Urban Outfitters in Appendix C at the end of this book.
	Required:
	1. How much is in the Prepaid Expenses and Other Current Assets account at the end of the most recent year (for
	the year ended January 31, 2012)?			(in thousands)
	Where did you find this information?
	2. What did the company report for Deferred Rent and Other Liabilities at the end of the most recent year (for
	the year ended January 31, 2012)?			(in thousands)
	Where did you find this information?
	3. What is the difference between prepaid rent and deferred rent?
	4. Describe in general terms what accrued liabilities are.
	5. What would generate the interest income that is reported on the income statement?
	6. What company accounts would not have balances on a post-closing trial balance?
	7. Describe the closing entry, if any, for Prepaid Expenses.
	8. What is the company's earnings per share (basic only) for the three years reported?
		Year Ended:	EPS:
		January 31, 2012
		January 31, 2011
		January 31, 2010
	9. Compute the company's total asset turnover ratio for the three years reported.
	(Dollars in thousands.)
		Fiscal Year Ended	Sales Revenue /	Average Total Assets	= Total Asset Turnover
		1/31/12
		1/31/11
		1/31/10
	What does the trend suggest to you about Urban Outfitters?

CP4-2	Finding Financial Information			LO4-2, 4-3, 4-4
	Refer to the financial statements of Urban Outfitters in Appendix C at the end of this book.
	Required:
	1. How much is in the Prepaid Expenses and Other Current Assets account at the end of the most recent year (for
	the year ended January 31, 2012)?			(in thousands)
	Where did you find this information?
	2. What did the company report for Deferred Rent and Other Liabilities at the end of the most recent year (for
	the year ended January 31, 2012)?			(in thousands)
	Where did you find this information?
	3. What is the difference between prepaid rent and deferred rent?
	4. Describe in general terms what accrued liabilities are.
	Accrued Liabilities would consist of costs that have been incurred by the end of the accounting period but which have not yet been paid.
	5. What would generate the interest income that is reported on the income statement?
	6. What company accounts would not have balances on a post-closing trial balance?
	7. Describe the closing entry, if any, for Prepaid Expenses.
	8. What is the company's earnings per share (basic only) for the three years reported?
		Year Ended:	EPS:
		January 31, 2012
		January 31, 2011
		January 31, 2010
	9. Compute the company's total asset turnover ratio for the three years reported.
	(Dollars in thousands.)
		Fiscal Year Ended	Sales Revenue /	Average Total Assets	= Total Asset Turnover
		1/31/12
		1/31/11
		1/31/10
	What does the trend suggest to you about Urban Outfitters?

List 1

Auditor's Report

Balance Sheet

Income Statement

Notes to Financial Statements

Statement of Cash Flows

Statement of Shareholders' Equity