Chapter 4, Problem 4.1CP

Finding Financial Information

Refer to the financial statements of American Eagle Outfitters in Appendix B at the end of this book.

Required:

(Hint: The notes to the financial statements may be helpful for many of these questions.)

1. 1. How much cash did the company pay for income taxes in its 2014 fiscal year (for the year ended January 31, 2015)?
2. 2. What was the company's best quarter in terms of sales in its 2014 fiscal year? Where did you find this information?
3. 3. Give the closing entry for the Other Income (net) account.
4. 4. What does Accounts Receivable consist of? Provide the names of the accounts and their balances as of January 31, 2015. Where did you find this information?
5. 5. Compute the company’s total asset turnover ratio (rounded to three decimal places) for the three years reported. What does the trend suggest to you about American Eagle Outfitters?