The financial statement of M S are presented in Appendix 5B or can be accessed at the books companion website, www wiley com college kiesoifrs Instructions Refer to these financial statements and the accompanying notes to answer the following questions (a) What type of income statement format does ...

a MS uses a condensed format income statement This format provides highlights of a companys performa ...

The financial statement of M&S are presented in Appendix 5B or can be accessed at the books

Question:

The financial statement of M&S are presented in Appendix 5B or can be accessed at the book’s companion website, www.wiley.com./college/kiesoifrs.
Instructions
Refer to these and the accompanying notes to answer the following questions.
(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 2007 and 2008. Explain why gross profit increased in 2008.
(d) Why does M&S make a distinction between operating and non-operating profit?
(e) Does M&S report any non-U.S. measures? Explain.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...