Use the financial section of the January 29, 2011 (fiscal year 2010) annual report of American Eagle Outfitters, Inc. to answer the following questions. The annual report can be found at WWW.SEC.GOV. The answers should immediately follow each question and show any necessary calculations.

1. Determine the amount American Eagle reports for net cash flows from operating, investing, and financing activities in its statement of cash flow. (Note: Include any effect of exchange rates on cash as an additional cash flow. In addition, include net cash used for discontinued operations).

1. Explain why using net sales to calculate the receivables turnover ratio might not be a good indicator of a companys ability to efficiently manage receivables for a retail company like American Eagle, which typically sells clothing for cash.