The financial statements of Marks and Spencer plc (M&S) are available at the books companion website or
Question:
The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at http://annualreport.marksandspencer.com/ _assets/downloads/Marks-and-Spencer-Annual-report-and-financial-statements-2012. pdf.
Instructions
Refer to M&S’s financial statements and the accompanying notes to answer the following questions.
(a) What were M&S’s sales for 2012?
(b) What was the percentage of increase or decrease in M&S’s sales from 2011 to 2012? From 2010 to 2011? From 2010 to 2012?
(c) In its notes to the financial statements, what criteria does M&S use to recognize revenue?
(d) How does M&S account for discounts and loyalty schemes? Does the accounting conform to accrual-accounting concepts? Explain.
Step by Step Answer:
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield