23 May Finding Financial Information.
CP3-2 Finding Financial Information LO3-2, 3-4, 3-6
Refer to the financial statements of Urban Outfitters in Appendix C at the end of the book.
Required:
1. What is the company’s revenue recognition policy? (Hint: Look in the notes to the financial statements.)
2. Assuming that $50 million of cost of sales was due to noninventory purchase expenses (distribution and occupancy costs), how much inventory did the company buy during the year? (Hint: Use a T-account of inventory to infer how much was purchased.)
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INVENTORY (in thousands)
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Inventory purchased during the year:
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Year Ended
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SG&A Expenses /
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Net Sales Revenue
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= Percentage
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2012
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2011
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2010
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% Change
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Incr. or Decr.
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Between years ended 2011 and 2012:
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Between years ended 2010 and 2011:
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Fiscal Year Ended
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Net Income /
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Net Sales (or Operating) Revenues
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= Net Profit Margin Ratio
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2012
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7.5%
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2011
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2010
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