Financial Statement Analysis and Valuation (5th Edition)

	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	129,852	593,175
Accounts receivable, net	433,638	279,835
Inventories	783,031	536,714
Prepaid expenses and other current assets	152,242	87,177
Deferred income taxes		52,498
Total current assets	1,498,763	1,549,399
Property and equipment, net	538,531	305,564
Goodwill	585,181	123,256
Intangible assets, net	75,686	26,230
Deferred income taxes	92,157	33,570
Other long-term assets	78,582	57,064
Total assets	2,868,900	2,095,083
Liabilities and Stockholders Equity
Accounts payable	200,460	210,432
Accrued expenses	192,935	147,681
Current maturities of long term-debt	42,000	28,951
Other current liabilities	43,415	34,563
Total current liabilities	478,810	421,627
Long-term debt, net of current maturities	352,000	255,250
Long-term line of credit, noncurrent	275,000	0
Other long-term liabilities	94,868	67,906
Total liabilities	1,200,678	744,783
Stockholders' equity
Additional paid-in capital	636,630	508,350
Retained earnings	1,076,533	856,687
Accumulated other comprehensive loss	-45,013	-14,808
Total stockholders' equity	1,668,150	1,350,229
Total liabilities and stockholders' equity	2,868,828	2,095,012

Under Armour Inc.
Consolidated Statement of Income
		Dec. 31, 2015
Net Revenues		3,963,313
Cost of goods sold		2,057,766
Gross profit		1,905,547
Selling, general and administrative expenses		1,497,000
Income from operations		408,547
Interest expense, net		-14,628
Other expense, net		-7,234
Income before income taxes		386,685
Provision for income taxes		154,112
Net income		232,573

A) Compute the current ratio and quick ratio for 2015 and 2014. Comment on any observed trends.

B) Compute times interest earned and liabilities to equity ratios for 2015 and 2014. Comment on any noticeable changes.

C) Summarize your findings about the company's liquidity and solvency. Do you have any concerns about its ability to met its debt obligations?