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 was M&S’s 2012 short-term debt and related weighted-average interest rate on this debt?
  (b) What was M&S’s 2012 working capital, acid-test ratio, and current ratio? Comment on M&S’s liquidity.
  (c) What types of commitments and contingencies has M&S reported in its financial statements?