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"You are required to write a memo analyzing the financial statements. Your report should include, but not be limited to, the discussions of the questions below that the fund manager has raised."

Part I: American Eagle Outfitters, Inc.

1. For the most recent year, what amount does American Eagle report for current assets? What assets are listed as current assets? What is the ratio of current assets to total assets?

2. For the most recent year, what amount does American Eagle report for current liabilities? What liabilities are listed as current liabilities? What is the ratio of current liabilities to total liabilities?

3. List any current assets or current liabilities that likely relate to adjusting entries.

4. What is the change in retained earnings reported in the balance sheet?

5. For the most recent year, what is the amount of net income reported in the income statement?

Consolidated Balance Sheets (lin thousands, except por share amounts) Assets Current assets: Cash and cash equivalents Short-term investments (available for sale) Merchandise inventory Accounts receivable, net. Prepaid expenses and other Total current assets Property and equipment, at cost, net of accumulated depreciation Operating lease right-of-use assets Intangible assets, net, including goodwill Non-current deferred income taxes Other assets Total assets Liabilities and Stockholders' Equity Current liabilities: Roferito Notesito Consolidated Einancial Statements. AMERICAN EAGLE OUTFITTERS, INC. Consolidated Statements of Operations Refer to Notes to Consolidated Financial Statements AMERICAN EAGLE OUTFITTERS, INC. Consolidated Statements of Comprehensive Income Refer to Notes to Consolidaled Financial Statements AMERICAN EAGLE OUTHITTERS, INC. Consolidated Statements of Stockholders' Equity (1) 600,000 authonized, 249,566 issued and 166, 993 outstanding, 50 . 01 par value common stock at February 1, 2020, 600,000 authorized. 249,566 issued and 172,436 outstanding, 50.01 par value common stock at February 2, 2019, 600,000 authorized, 249,566 issued and 177,316 outstanding. 50.01 par value common stock at Fobruary 3. 2018;, 600,000 authorized, 249,566 issued and 181,836 outstanding. S0.01 par value common stock at January 28, 2017. The Company has 5.000 authorized, with none issued or outstanding. 50.01 par value preferred stock for all periods presented. (2) 82,573 shares, 77,130 shares and 72,250 shares at February 1, 2020. February 2, 2019 and February 3, 2018 respectively. During Fiscal 2019, Fiscal 2018, and Fiscal 2017, 1,324 shares, 3,363 shares, and 2,301 shares, respectively, were reissued from treasury stock for the issuance of share-based payments. Refer to Notes to Consolidated Financial Statements. AMERICAN EAGLE OUTFITTERS, INC. Consolidated Statements of Cash Flows Refer to Notes to Consolidated Financial Statements Consolidated Balance Sheets (lin thousands, except por share amounts) Assets Current assets: Cash and cash equivalents Short-term investments (available for sale) Merchandise inventory Accounts receivable, net. Prepaid expenses and other Total current assets Property and equipment, at cost, net of accumulated depreciation Operating lease right-of-use assets Intangible assets, net, including goodwill Non-current deferred income taxes Other assets Total assets Liabilities and Stockholders' Equity Current liabilities: Roferito Notesito Consolidated Einancial Statements. AMERICAN EAGLE OUTFITTERS, INC. Consolidated Statements of Operations Refer to Notes to Consolidated Financial Statements AMERICAN EAGLE OUTFITTERS, INC. Consolidated Statements of Comprehensive Income Refer to Notes to Consolidaled Financial Statements AMERICAN EAGLE OUTHITTERS, INC. Consolidated Statements of Stockholders' Equity (1) 600,000 authonized, 249,566 issued and 166, 993 outstanding, 50 . 01 par value common stock at February 1, 2020, 600,000 authorized. 249,566 issued and 172,436 outstanding, 50.01 par value common stock at February 2, 2019, 600,000 authorized, 249,566 issued and 177,316 outstanding. 50.01 par value common stock at Fobruary 3. 2018;, 600,000 authorized, 249,566 issued and 181,836 outstanding. S0.01 par value common stock at January 28, 2017. The Company has 5.000 authorized, with none issued or outstanding. 50.01 par value preferred stock for all periods presented. (2) 82,573 shares, 77,130 shares and 72,250 shares at February 1, 2020. February 2, 2019 and February 3, 2018 respectively. During Fiscal 2019, Fiscal 2018, and Fiscal 2017, 1,324 shares, 3,363 shares, and 2,301 shares, respectively, were reissued from treasury stock for the issuance of share-based payments. Refer to Notes to Consolidated Financial Statements. AMERICAN EAGLE OUTFITTERS, INC. Consolidated Statements of Cash Flows Refer to Notes to Consolidated Financial Statements

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