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Final project- acc2100 -Jeremy Geroldie - Nexford University ACC 2100
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lOMoAR cPSD| 11763056Final project- acc2100 -Jeremy-Geroldie -
Nexford University ACC 2100
Introduction of American Eagle Outfitter
American Eagle Outfitter Inc, which was formed in 1977, is a major garment and
accessory manufacturer. The company focuses in multi-brand retailing of a variety
of apparels and accessories for men and women, and it also offers services for
apparel and personal care goods for women under the Aerie brand. Borden (2010)
claims that the trendsetting specialty shop has developed a branded, popular
platform for internal communication to connect its fast expanding list of
organizations and locations. With over 1,300 retail offline outlets, the corporation
operates in additional regions such as Hong Kong, Canada, and Mexico.
In the United States of America, Canada, Hong Kong, and Mexico, the majority of
its retail offline outlets were located in places such lifestyle centers, shopping
centers, and other street locations. It also has additional companies like as Tailgate
and Todd Snyder, which are noted for their competence in men's attire in New
York. The company is a multi-brand specialty retailer with a huge selection of
high-quality on-trend garments for both men and women at low and affordable
costs, both locally and internationally. The business has a license arrangement
with a third party to operate in Asia, Europe, Latin America, and the Middle East.
One of the company's key goals is to demonstrate the world that youth's optimism
has genuine power stores.
Significant Accounting Policies at American Eagle Outfitters Inc
American Eagle Outfitters Inc produces its financial statements in conformity with
generally accepted accounting principles and procedures in the United States
(GAAP). The company makes estimates and assumptions that may have an impact
on the reported financial status and actual operating results, which may differ from
those estimates and assumptions. American Eagle Outfitters Inc creates its
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, lOMoAR cPSD| 11763056
financial statement based on assumptions and estimates that differ from the
original outcomes of its operations, which may have an impact on the financial
statement reported. The Generally Accepted Accounting Principles (GAAP) are
guidelines that cover the specifics, complexities, and legality of company and
corporate accounting, according to staff (2021).
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, lOMoAR cPSD| 11763056
Corporations that are publicly listed on stock exchanges and indices are required
by US law to accurately report their financial statements to the general public, and
Short-tecrommipnavneisetsmtehnat are publicly traded on stock exchanges and indexes must follow
GAAP
Certificate principles.
of deposit 55,000
: American Eagle Ou$tfitters 70,000
Inc b elieves that the financial
Commesrtcaitaelmpeanptesr t:hey give to (GAAP) are the best available in9 fo2rm,1a3ti5on, and that they
are reasonable for the circumstances. The corporation considers that their major
Total short term investments $ 55, 000 92,135
accounting standards require a higher degree of ju dgment and complexity,
Total c aschcaonrd nshgotrot pteurbmlisinhvedesatm
rtiecnlets . The co$rp4o1r6a,ti9o3n0promp$tly42re5c,o4r6d5s its sales revenue
after a customer purchases something. Its e-commerce operations are also tracked
based on the projected consumer reception date of items, as well as shipping and
handling fees.
Financial Reporting for Cash, Cash Equivalents, and Short-Term
Investments of American Eagle Outfitter Inc
Cash, cash equivalents, according to Tuovila (2020), can be defined as a line item
on the balance sheets that reports the company value of assets that are cash or can
be converted to cash immediately, or any short-term investment securities with a
maturity of 90 days or less, such as bank certificates, treasury bills, commercial
paper, or other liquid investments that mature within 3 months. American Eagle
Outfitters Inc considers all highly liquid investments to be cash equivalents if they
have a remaining maturity of three months or less.
Short-term investments, such as deposit certificates, have been categorised as
available for sale, with a commencement date of February 1, 2020. As of February
2, 2019, certificates of deposit and commercial papers with a maturity of more
than three months but less than one year were included.
The fair market value of American Eagle Outfitter Inc's cash and short-term
investments, which are recorded on the Consolidated Balance, is shown and
summarized in the table below.
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