The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial statements, is available online.

Instructions

Refer to M&S’s financial statements and the accompanying notes to answer the following questions.

a. Does M&S report any intangible assets and goodwill in its financial statements and accompanying notes? Briefly explain.

b. How much selling and administrative expenses does M&S report in 2018 and 2019? Briefly discuss the significance of these expenses to M&S’s operating results.