COMPARATIVE ANALYSIS PROBLEM: Columbia Sportswear Company vs. VF Corporation CT2-2 The financial statements of Columbia Sportswear Company are presented in Appendix B. Financial statements of VF Corporation are presented in Appendix C. Assume Columbias weighted-average number of shares outstanding was 227,514,000, and VFs was 56,997,000. Instructions (a) For each company, calculate the following values for 2014. (1) Working capital. (3) Debt to assets ratio. (2) Current ratio. (4) Free cash flow. (Hint: When calculating free cash flow, do not consider business acquisitions to be part of capital expenditures.) (b) Based on your findings above, discuss the relative liquidity and solvency of the two companies.

.To access Columbia's complete annual report, including notes to the financial statements, follow these steps: 1.Go to www.columbia.com. 2.Select Financial Information and then Annual Reports under the Investor Relations tab near the bottom of the page. 3.Select the 2014 Annual Report. 4.The Notes to Consolidated Financial Statements. To access VF's complete annual report, including notes to the financial statements, follow these steps: 1.Go to www.vfc.com. 2.Select the Investor Relations link and then select Financial Reports. 3.Select the 2014 Annual Report on Form 10-K. 4.The Notes to Consolidated Financial Statements.