Reading & Interpreting Under Armour\'s Financial Statements Refer to the financi
ID: 2487146 • Letter: R
Question
Reading & Interpreting Under Armour's Financial Statements
Refer to the financial statements for Under Armour & answer the following questions. NOTE: Enter all amounts in thousands as shown in Armour's financial statements.
Under Armour's Financial Statement: http://cvg.cengagenow.com/ilrn/books/pnal09h/swf/appb.pdf
1. What was the company's net income for 2011?
$
2. State Under Armour's financial position on December 31, 2011, in terms of the accounting equation.
Assets
=
Liabilities
+
Owners' Equity
$
=
$
+
$
3. By what amount did property and equipment, net, increase during 2011?
$
Assets
=
Liabilities
+
Owners' Equity
$
=
$
+
$
Explanation / Answer
1. Net income for 2011 = $ 96,919
2. Asset = liabilities + owner's Equity
$ 9,19,210 = $2,82,778 + $ 636432
3. Increase in Property and Equipment = $ 1,59,135 - $ 76,217
= $ 82918
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