Introduction to accounting Essay Example | Topics and Well Written Essays - 1750 words - 1

Introduction to accounting - Essay Example The workforce of the enterprise amounts to 150,000 employees. Sainsbury has 525 supermarkets, 303 convenience stores and one bank. Its market share of 16% is the largest in the industry. â€Å"The Sainsburys brand is built upon a heritage of providing customers with healthy, safe, fresh and tasty food† (Jsainsbury, 2010). This year the company celebrated its 140th birthday. The business priorities of the company are: a) Great food at fair price; b) Accelerating the growth of complimentary non-food ranges; c) Reaching more customers through additional channels; d) Growing supermarket space; e) Active property management (Jsainsbury, 2010). The common stocks of the company are traded in the London Stock Exchange. Information concerning the prices of the stock from April 7, 2010 to April 14, 2010 is illustrated in Appendix B. The company utilized the straight line method to depreciate its assets. Inventories are valued at the lower of cost and net realisable value. The company’s Chairman is David Tyler.The chief executive officer (CEO) is Justin King, while the chief financial officer (CFO) is Darren Shapland. Mike Coope serves as the Trading Director. The company Chairman started his position on October 1, 2009 replacing Phillip Hampton. He has extensive experience working at the managerial executive level at Experian Group, Burberry plc, and Logica plc. He is currently 56 years of age. J Sainsbury generated total sales of 18,911 million pounds in fiscal year 2009. In comparison with 2008 the firm was able to increase its revenues by 6%. Despite the fact that the company achieved higher revenues its bottom line was not as good as in 2008. In 2009 Sainsbury’s obtained a net income of 289 million pounds. In 2008 its net income was 329 million pounds. About 68% of the decrease in net income was due to higher income taxes. The total assets of the enterprise in 2009 were 10,033 million pounds.