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Use the Pier 1 Imports` financial statements to answer the following questions:

1. Does Pier 1 have a significant amount of bad debts? How can you tell?

2. What types of debt does Pier 1 Company have? Where did you find this information?

3. In addition to selling treasury stock, a company may use treasury stock when stock options are exercised or when debt is converted to stock. Pier 1 used some of its treasury shares to do this during 2000 and 2001. Where is this disclosed in the financial statements? Describe how the dollar amount of treasury shares on the comparative balance sheets decreased while, at the same time, the statement of cash flows shows cash outflow for the purchase of treasury shares.