Finding Financial Information
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: Lookin. 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.)
3. Calculate general, administrative, and selling expenses as a percent of sales for the years ended January 31, 2009, and January 31, 2008. By what percent did these expenses increase or decrease from fiscal year 2007 to 2008? The company's 2008 fiscal year ends on January 31, 2009.(Hint: Percentage Change = [Current Year Amount - Prior Year Amouiit]/Prior Year Amount.)
4. Compute the company's total asset turnover for the year ended January 31, 2009. and explain its meaning.
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