Refer to the financial statements of Urban Outfitters given in Appendix C at the end of this book. At the bottom of each statement, the company warns readers that “The accompanying notes are an integral part of these financial statements.” The following questions illustrate the types of information that you can find in the financial statements and accompanying notes. ( Hint: Use the notes.)

Required:

The company spent $190,010,000 on capital expenditures (property, plant, and equipment) and $169,467,000 purchasing investments during the most recent year. Were operating activities or financing activities the major source of cash for these expenditures?