Simplified 2007 financial statements of Tootsie Roll Industries, Inc. are given in Illustrations 1-11 through 1-14. Instructions
Question:
Instructions
Refer to Tootsie Roll’s financial statements to answer the following questions.
(a) What were Tootsie Roll’s total assets at December 31, 2007? At December 31, 2006?
(b) How much cash did Tootsie Roll have on December 31, 2007?
(c) What amount of accounts payable did Tootsie Roll report on December 31, 2007? On December 31, 2006?
(d) What were Tootsie Roll’s sales revenue in 2007? In 2006?
(e) What is the amount of the change in Tootsie Roll’s net income from 2006 to 2007?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
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a Tootsie Rolls total assets at December 31 2007 were 812725000 and at December 31 2006 we...View the full answer
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Related Book For 
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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