Accounting Final Paper

Topics: Balance sheet, Asset, Income statement Pages: 21 (3139 words) Published: March 28, 2012
SECTION A
Question A1 is COMPULSORY

Question A1

Below are extracts from the financial statements of a listed company which operates a chain of bakery and sandwich retail outlets in the United Kingdom.

Income statements

| |2009 |2008 | | |£’000 |£’000 | |Revenue |658,186 |628,198 | |Cost of sales |(252,284) |(241,939) | |Gross profit |405,902 |386,259 | |Distribution costs |(321,686) |(309,735) | |Administrative expenses |(35,783) |(35,944) | |Other income |- |8,033 | |Operating profit |48,433 |48,613 | |Interest receivable and similar income |346 |857 | |Profit before taxation |48,779 |49,470 | |Taxation |(14,405) |(15,375) | |Profit for the year |34,374 |34,095 |

Balance sheets

| |2009 |2008 | | |£’000 |£’000 | |Non-current assets | | | |Intangible assets |579 |686 | |Property, plant and equipment |211,155 |210,455 | | | | | |Current assets | | | |Inventories |11,886 |12,152 | |Trade and other receivables |21,206 |22,698 | | | | | |Cash and cash equivalents |34,619 |4,433 | | | | | |Current liabilities | | | | | | | |Trade and other payables |(71,738) |(62,761) | |Current tax liabilities |(8,857) |(8,337) | |Provisions for liabilities and charges...
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