Financial Reporting Problem Marks and Spencer plc (M&S) The financial statements of M&S (GBR) are presented in
Question:
Financial Reporting Problem Marks and Spencer plc (M&S)
The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial statements, is available online.
Instructions
(a) What type of income statement format does M&S use? Indicate why this format might be used to present income statement information.
(b) What are M&S’s primary revenue sources?
(c) Compute M&S’s gross profit for each of the years 2012 and 2013. Explain why gross profit increased in 2013.
(d) Why does M&S make a distinction between operating and non-operating profit?
(e) Does M&S report any non-IFRS measures? Explain.
Step by Step Answer:
a MS uses a multistep income statement format This format separates operating revenues and expenses from nonoperating items and provides a clear break...View the full answer
Intermediate Accounting IFRS Edition
ISBN: 9781118443965
2nd Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
