The balance sheets for Tootsie Roll Industries Inc. are shown here. (LO 3, 5)

\section*{Required}

a. What were the total current assets at December 31, 2004? 2005?

b. How are the assets ordered on the balance sheet?

c. What were the total current liabilities at December 31, 2004? 2005?

d. Calculate the current ratio at December 31, 2004 and December 31, 2005. What information do these numbers provide?

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Assets Cash Investments 31-Dec-05 (in thousands) $ 91,336 31-Dec-04 $ 56,989 54,892 32,369 Receivables 33,624 37,457 Inventory 55,032 58,777 Other current assets 11,712 7,101 Net property plant & equipment 178,760 178,750 Other noncurrent assets 388,340 440,310 Total assets $813,696 $ 811,753 Liabilities Bank loan (short-term) 32,001 6,333 Accounts payable Dividends payable 17,482 19,315 4,263 3,659 Accrued liabilities 44,969 44,722 Income taxes payable 14,941 8,288 Total current liabilities 113,656 82,317 Noncurrent liabilities 82,635 159,257 Total liabilities 196,291 241,574 Contributed capital 453,108 434,047 Retained earnings 164,236 149,055 Other shareholders' equity accounts, net* (9,939) (12,923) 617,405 570,179 Total liabilities and shareholders' equity $ 813,696 $ 811,753