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Accounting Final Paper

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Accounting Final Paper
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
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