Refer to the extracts of the 2021 annual report of Woolworths Limited in this book’s appendix. All questions relate to the consolidated accounts.

1 The company depreciates ‘plant and equipment’. Provide examples of plant and equipment.

2 Are buildings depreciated?

3 What is the total depreciation and amortisation for the year?

4 How much did the accumulated depreciation and accumulated amortisation accounts increase by?

5 Why aren’t the answers to questions 3 and 4 the same?

6 What method of cost allocation is used by the company to determine depreciation?

7 Did Woolworths dispose of (e.g. sell) any property, plant and equipment during the year? If so, did it make a profit or loss on these sales? How would this profit or loss be calculated?

8 Does the company revalue upwards any property, plant and equipment? If so, how frequently?

9 What intangibles does the company have? How are they valued? Over what period are they amortised?

Where are they located in the financial statements?

10 Companies can have both operating and finance leases. When does Woolworths disclose information on operating leases?

11 What does Woolworths say about recoverable amount?

12 What does Woolworths say about impairment of tangible assets?