Refer to the financial statements and the Notes to Consolidated Financial Statements of Tootsie Roll Industries in
Question:
Refer to the financial statements and the Notes to Consolidated Financial Statements of Tootsie Roll Industries in Appendix A.
Instructions Answer the following questions:
(a) What were the total cost and book value of property, plant, and equipment at December 31, 1998?
(b) What method or methods of depreciation are used by Tootsie Roll for financial reporting purposes?
(c) What was the amount of depreciation and amortization expense for each of the 3 years 1996-1998? (Hint—use statement of cash flows.) Sie
(d) Using the statement of cash flows, what are the amounts of property, plant, and equipment purchased (capital expenditures) in 1998 and 1997?
(e) Read Tootsie Roll’s note 8 on commitments. Does the company primarily engage in capital leases or operating leases? What are the implications for analysis of its financial statements?
COMPARATIVE ANALYSIS PROBLEM: Tootsie Roll vs. Hershey Foods
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