The financial statements of M&S are presented in Appendix 5B or can be accessed at the book’s companion website, www.wiley.com

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 2008?
(b) What was the percentage of increase or decrease in M&S’s sales from 2007 to 2008? From 2006 to 2007? From 2006 to 2008?
(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.