Chapter 4, Problem 4.2CP

Finding Financial Information

Refer to the financial statements of Urban Outfitters in Appendix C at the end of this book.

Required:

1. 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, 2015)? Where did you find this information?
2. 2. What did the company report for Deferred Rent and Other Liabilities at January 31, 2015? Where did you find this information?
3. 3. What is the difference between prepaid rent and deferred rent?
4. 4. Describe in general terms what accrued liabilities are.
5. 5. What would generate the interest income that is reported on the income statement?
6. 6. What company accounts would not have balances on a post-closing trial balance?
7. 7. Prepare the closing entry, if any. for Prepaid Expenses.
8. 8. What is the company’s earnings per share (basic only) for the three years reported?
9. 9. 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 Urban Outfitters?