Using the 2016 Annual Report of American Airlines (see link below) answer the following questions:

• What is the name of the outside auditing firm for your company?
• How long after the company's year-end did the auditor's issue their opinion?
• Who bears primary responsibility for maintaining effective internal control over financial reporting? How can you tell?
• Does it appear the company has adequate internal control procedures? How can you tell?
• By how much did the company's cash balance change from the beginning of the year to the end of the year?
• What type of instruments does the company consider to be cash equivalent?
• Calculate the cash ratio. How does this ratio compare with the industry?
• What is the balance of accounts receivables for the company?
• Compute the acid-test ratio. If the current liabilities came due immediately, could the company pay them?
• Compute the accounts receivable turnover at year end.
• Compute days sales in receivables at year end.
• Based on the acid-test ratio, accounts receivable turnover, and days sales in receivables, how does the company compare to the industry?

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