The financial statements of Tootsie Roll are presented in Appendix D. The companys complete annual report, including

Question:

The financial statements of Tootsie Roll are presented in Appendix D. The company’s complete annual report, including the notes to its financial statements, is available at www.tootsie.com.

Instructions
Use the company’s financial statements and notes to the financial statements to answer the following questions.
(a) Calculate the accounts receivable turnover ratio and average collection period for 2010 and 2009. Accounts receivable at January 1, 2009, was $31,213 (in thousands).
(b) What conclusions can you draw from the information in part (a)?

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 Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...