The financial statements of Tootsie Roll Industries, Inc., are presented in Appendix A at the end of this book.

Instructions Answer the following questions using the Consolidated Balance Sheet and the Notes to Consolidated Financial Statements section.

(a) What were Tootsie Roll’s total current assets at December 31, 1998, and December 31, 1997?

(b) Are the assets included in current assets listed in the proper order? Explain.

(c) How are Tootsie Roll’s assets classified?

(d) What were Tootsie Roll’s current liabilities at December 31, 1998, and December 31, 1997?

COMPARATIVE ANALYSIS PROBLEM: Tootsie Roll vs. Hershey Foods