Refer to the financial statements of Urban Outfitters given in Appendix C at the end of this book.
Required:
1. Unlike most companies, Urban Outfitters does not report the amount of interest paid in cash during the most
recent reporting year. Explain why you think the company has omitted this information.
2. Explain why the company does not report bonds payable on its balance sheet.
3. Describe the company's established arrangements, if any, that permit it to borrow money if needed.