Simplified 2004 financial statements of Tootsie Roll Industries, Inc. are given in Illustrations 1-11 through 1-14. Instructions
Question:
Simplified 2004 financial statements of Tootsie Roll Industries, Inc. are given in Illustrations 1-11 through 1-14.
Instructions Refer to Tootsie Roll’s financial statements to answer the following questions.
(a) What were Tootsie Roll’s total assets at December 31, 2004? At December 31, 2003?
(b) How much cash did Tootsie Roll have on December 31, 2004?
(c) What amount of accounts payable did Tootsie Roll report on December 31, 2004? On December 31, 2003?
(d) What were Tootsie Roll’s sales revenue in 2004? In 2003?
(e) What is the amount of the change in Tootsie Roll’s net income from 2003 to 2004?
(f) The accounting equation is: Assets = Liabilities + Stockholders’ Equity. Replacing the words in that equation with dollar amounts, give Tootsie Roll’s accounting equation at December 31, 2004.
COMPARATIVE ANALYSIS PROBLEM: Tootsie Roll vs. Hershey Foods
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