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.)
1. What portion of gross "Property and Equipment" is composed of "Buildings"?
2. Compute the company's gross profit percentage for the years. 2011, and 2012 (Dollars in thousands.)