The financial statements of Columbia Sportswear Company are presented in Appendix B.

Financial statements of VF Corporation are presented in Appendix C.

PLEASE ANSWER THIS QUESTION WITH AT LEAST ONE PARAGRAPH: What conclusions concerning the management of accounts receivable can be drawn from the accounts receivable turnover and average collection period.

Appendixes:

Specimen Financial Statements: Columbia Sportswear Company Co aminta Sports earCompeny a leader in our oor sports ear e I wine are Columbia's inane al s tenen 5 l. Gio to www.columhia.com 2. Select Financial Information and then Annual Reports under the Investor Relations tab near the bottom of the page 3. Sclect the 2014 Anrual Repont. 4. The Notes to Consolidated Financial Statements. presented ts 0 4 anm a report access Columbia's complete anm a report inclu sng notes to the financia statements 11 hese steps COLLMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS In thousands, except per share amounts) ear E Net sales Cost of sales Gross profit Selling. general and adninisirative experees Net licensing income Iecome froL oparations Inderest income, net Inserest expense on tote payable o related party (Note 22) Other non-operatine expee Income before inoome tax Income tax expense (Note 1) S 2,100.590 $ 1,684,996 1,069,553 953.169 16,394 1,145.639 954,951 763.063 6,95 98 844 1,004 41.341 43,655 625,656 13,705 131,794 3,79 133.528 579 274 98 521 (56,662) 141,859 ,907 34048) 9839 37,823) 93,603 Ner income (lass) attnbutahle to non-conolling interest Net invome attributable t Columbia Spartswear Company Earnings per share altribatable to Columbia Sportswear Company (Note 17: $ 94,341 99859 Basic Diluted 1.97 S 1.37 1.48 1.94 Weighmadavepe shaesstanding (Note 17) Basic Diluted 69,807 0,681 68,756 69.434 67,680 63.264 See accompanying notesto consolidaed fEnncial statements