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

Refer to M&S’s financial statements and the accompanying notes to answer the following questions.

a. What was the composition of M&S’s borrowings and other financial liabilities shown in its current liability section at March 30, 2019?

b. What was M&S’s March 30, 2019, working capital and current ratio? Comment on M&S’s liquidity.

c. What types of commitments and contingencies has M&S reported in its financial statements? What is management’s reaction to these contingencies?