Refer to the extracts of the 2021 annual report of Woolworths Limited (https://www.woolworthsgroup.com.au/

icms_docs/195984_annual-report-2021.pdf) in the book’s appendix. All questions relate to the consolidated accounts.

1 On what date does Woolworths’ most recent reporting year end?

2 For how many years does it present complete:

a balance sheets?

b income statements?

c cash flow statements?

3 Provide indicators that Woolworths uses accrual accounting.

4 What were total assets at 27 June 2021?

5 What were total liabilities at 27 June 2021?

6 What was shareholders’ equity at 27 June 2021?

7 State the accounting equation in dollar figures at 27 June 2021.

8 What was the net profit before tax for 2021?

9 What was the net profit after tax for 2021?

10 What were the largest cash inflow and outflow relating to operating activities?

11 Give two reasons why the cash flow from operations is a different figure from operating profit after tax.

12 Did its total assets increase or decrease over the last year?

13 How much inventory (in dollars) did Woolworths have as at 27 June 2021?

14 Are its financial statements audited by an independent firm? Who is the auditor for the company?
15 What information would Woolworths’ investors and lenders be most interested in?
16 Provide examples of the accounting principles of materiality and comparability from note 1 of the accounts.