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

1 What period is covered by the income statement?

2 List the main types of revenues.

3 List some of the larger expenses incurred in earning revenue.

4 What are interest expense and interest revenue for the year?

5 What is cost of goods sold for the year?

6 What is total depreciation and amortisation for the year?

7 Explain the change in retained profits from 2020 to 2021.

8 What is income tax expense for the year?

9 What are the basic earnings per share for 2021?

10 What would be the normal balance (DR or CR) of each of the following accounts included in the Woolworths Limited balance sheet or the relevant notes: trade debtors, inventory, investments, land and buildings, advances to employees, trade creditors, provision for income tax, provision for dividends and retained profits?