APPENDIX C

Page C-1APPENDIX C

Page C-2REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of

Urban Outfitters, Inc.

Philadelphia, Pennsylvania

We have audited the accompanying consolidated balance sheets of Urban Outfitters, Inc., and subsidiaries (the Company) as of January 31, 2012, and 2011, and the related consolidated statements of income, shareholders' equity, and cash flows for each of the three years in the period ended January 31, 2012. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Urban Outfitters, Inc., and subsidiaries as of January 31, 2012, and 2011, and the results of their operations and their cash flows for each of the three years in the period ended January 31, 2012, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company's internal control over financial reporting as of January 31, 2012, based on the criteria established inInternal ControlIntegrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated April 2, 2012, expressed an unqualified opinion on the Company's internal control over financial reporting.

/s/ DELOITTE & TOUCHE LLP

Philadelphia, Pennsylvania

April 2, 2012

Page C-3

***All the figures to answer this question are in the book, in appendix C. I cannot copy and paste the info

Look in appendix c in Financial Accounting 8th edition by Libby Libby Short

Finding Financial Information		LO6-1, 6-3, 6-5
Refer to the financial statements of Urban Outfitters given in Appendix C at the end of this book.
Required:
1. How much cash and cash equivalents does the company report at the end of the current year?
	(in thousands)
Where can this information be found?
2. What was the change in accounts receivable and how did it affect net cash provided by operating activities for the current year?
3. Which types of customers account for most of the company's accounts receivable?
Did bad debts expense increase or decrease between 2011 and 2012? (Dollars in thousands.)
Bad debt expense
From:		in 2011
To:		in 2012
How did you know?
4. Where does the company disclose its revenue recognition policy?
When does the company record revenues for the sale of gift cards?