Refer to the financial information for Under Armour and Columbia Sportswear reproduced at the back of the book for the information needed to answer the following questions.

Required:

1. Locate the note in each company's annual report included in its Form 10-K for the year ended December 31, 2011 in which it discusses revenue recognition. How does each company describe the point at which it recognizes revenue from customers? Are there any significant differences in the organizations' revenue recognition policies?

2. What dollar amount does Under Armour report for accounts receivable on its most recent balance sheet? What percent of the company's total current assets are comprised of accounts receivable? What is the dollar amount of Columbia Sportswear's accounts receivable on its most recent balance sheet? What percent of total current assets is comprised of accounts receivable? For which company does its accounts receivable constitute a higher percentage of its total current assets?