Balance sheet format, terminology, and accounting methods. Exhibit 2.12 presents a balance sheet for Marks and Spencer, PLC, a department store chain headquartered in the United Kingdom. This balance sheet appears in the format and uses terminology and accounting methods commonly found in the United Kingdom.

a. Prepare a balance sheet for Marks and Spencer on March 30, Year 4, and March 30 , Year 5, following the format, terminology, and accounting methods commonly found in the United States. Use the category Other Noncurrent Assets for assets that do not fit any typical U.S. grouping.

b. Comment on the term structure of Marks and Spencer's assets relative to its financing.