Based on the information contained in these financial statements, compute the following 2011 values for each company (Round answers to 1 decimal place, e g 15 2 ) (1) Accounts receivable turnover (For Tootsie Roll, use Net product sales Assume all sales were credit sales ) (2) Average collection period for accounts receivable Tootsie Roll Hershey Company Accounts receivable turnover times times Average collection period days days B Specimen Financial Statements The Hershey Company The Hershey Company In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses Cost of sales 3,548,896 3,255,801 3,245,531 Selling, marketing and administrative 1,477,750 1,426,477 1,208,672 Business realignment and impairment (credits) charges, net (886) 83,433 82,875 Total costs and expenses 5,025,760 4,765,711 4,537,078 Income before Interest and Income Taxes 1,055,028 905,298 761,590 Interest expense, net 92,183 96,434 90,459 Income before Income Taxes 962,845 808,864 671,131 Provision for income taxes 333,883 299,065 235,137 Net Income $628,962 $509,799 $435,994 Net Income Per ShareBasicClass B Common Stock $ 2 58 $ 2 08 $ 1 77 Net Income Per ShareDilutedClass B Common Stock $ 2 56 $ 2 07 $ 1 77 Net Income Per ShareBasicCommon Stock $ 2 85 $ 2 29 $ 1 97 Net Income Per ShareDilutedCommon Stock $ 2 74 $ 2 21 $ 1 90 Cash Dividends Paid Per Share Common Stock $ 1 3800 $1 2800 $1 1900 Class B Common Stock 1 2500 1 1600 1 0712 The notes to consolidated financial statements are an integral part of these statements and are included in Hershey's 2011 Annual Report, available at www thehersheycompany com In thousands of dollars ASSETS Current Assets Cash and cash equivalents $ 693,686 $ 884,642 Accounts receivabletrade 399,499 390,061 Inventories 648,953 533,622 Deferred income taxes 136,861 55,760 Prepaid expenses and other 167,559 141,132 Total current assets 2,046,558 2,005,217 Property, Plant and Equipment, Net 1,559,717 1,437,702 Goodwill 516,745 524,134 Other Intangibles 111,913 123,080 Deferred Income Taxes 38,544 21,387 Other Assets 138,722 161,212 Total assets $4,412,199 $4,272,732 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 420,017 $ 410,655 Accrued liabilities 612,186 593,308 Accrued income taxes 1,899 9,402 Short term debt 42,080 24,088 Current portion of long term debt 97,593 261,392 Total current liabilities 1,173,775 1,298,845 Long term Debt 1,748,500 1,541,825 Other Long term Liabilities 617,276 494,461 Total liabilities 3,539,551 3,335,131 Commitments and Contingencies Stockholders' Equity The Hershey Company Stockholders' Equity Preferred Stock, shares issued none in 2011 and 2010 Common Stock, shares issued 299,269,702 in 2011 and 299,195,325 in 2010 299,269 299,195 Class B Common Stock, shares issued 60,632,042 in 2011 and 60,706,419 in 2010 60,632 60,706 Additional paid in capital 490,817 434,865 Retained earnings 4,699,597 4,374,718 TreasuryCommon Stock shares, at cost 134,695,826 in 2011 and 132,871,512 in 2010 (4,258,962) (4,052,101) Accumulated other comprehensive loss (442,331) (215,067) The Hershey Company stockholders' equity 849,022 902,316 Noncontrolling interests in subsidiaries 23,626 35,285 Total stockholders' equity 872,648 937,601 Total liabilities and stockholders' equity $4,412,199 $4,272,732 In thousands of dollars Cash Flows Provided from (Used by) Operating Activities Net income $628,962 $509,799 $ 435,994 Adjustments to reconcile net income to net cash provided from operations Depreciation and amortization 215,763 197,116 182,411 Stock based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively 28,341 32,055 34,927 Excess tax benefits from stock based compensation (13,997) (1,385) (4,455) Deferred income taxes 33,611 (18,654) (40,578) Gain on sale of trademark licensing rights, net of tax of $5,962 (11,072) Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively 30,838 77,935 60,823 Contributions to pension plans (8,861) (6,073) (54,457) Changes in assets and liabilities, net of effects from business acquisitions and divestitures Accounts receivabletrade (9,438) 20,329 46,584 Inventories (115,331) (13,910) 74,000 Accounts payable 7,860 90,434 37,228 Other assets and liabilities (205,809) 13,777 293,272 Net Cash Provided from Operating Activities 580,867 901,423 1,065,749 Cash Flows Provided from (Used by) Investing Activities Capital additions (323,961) (179,538) (126,324) Capitalized software additions (23,606) (21,949) (19,146) Proceeds from sales of property, plant and equipment 312 2,201 10,364 Proceeds from sale of trademark licensing rights 20,000 Business acquisitions (5,750) (15,220) Net Cash (Used by) Investing Activities (333,005) (199,286) (150,326) Cash Flows Provided from (Used by) Financing Activities Net change in short term borrowings 10,834 1,156 (458,047) Long term borrowings 249,126 348,208 Repayment of long term debt (256,189) (71,548) (8,252) Proceeds from lease financing agreement 47,601 Cash dividends paid (304,083) (283,434) (263,403) Exercise of stock options 184,411 92,033 28,318 Excess tax benefits from stock based compensation 13,997 1,385 4,455 Contributions from noncontrolling interests in subsidiaries 10,199 7,322 Repurchase of Common Stock (384,515) (169,099) (9,314) Net Cash (Used by) Financing Activities (438,818) (71,100) (698,921) (Decrease) Increase in Cash and Cash Equivalents (190,956) 631,037 216,502 Cash and Cash Equivalents as of January 1 884,642 253,605 37,103 Cash and Cash Equivalents as of December 31 $693,686 $884,642 $ 253,605 Interest Paid $ 97,892 $ 97,932 $ 91,623 Income Taxes Paid 292,315 350,948 252,230 In thousands of dollars Balance as of January 1, 2009 $ $299,190 $60,711 $352,375 $3,975,762 $(4,009,931) $(359,908) $31,745 $349,944 Net income 435,994 435,994 Other comprehensive income 157,064 157,064 Comprehensive income 593,058 Dividends Common Stock, $1 19 per share (198,371) (198,371) Class B Common Stock, $1 0712 per share (65,032) (65,032) Conversion of Class B Common Stock into Common Stock 2 (2) Incentive plan transactions (355) 4,762 4,407 Stock based compensation 44,704 44,704 Exercise of stock options (2,046) 34,854 32,808 Repurchase of Common Stock (9,314) (9,314) Noncontrolling interests in subsidiaries 8,135 8,135 Balance as of December 31, 2009 299,192 60,709 394,678 4,148,353 (3,979,629) (202,844) 39,880 760,339 Net income

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Based on the information contained in these financial statements, compute the following 2011 values for each company. (Round answers to 1 decimal place, e.g. 15.2.)

(1)	Accounts receivable turnover. (For Tootsie Roll, use Net product sales. Assume all sales were credit sales.)
(2)	Average collection period for accounts receivable.

Tootsie Roll	Hershey Company
Accounts receivable turnover		times	times
Average collection period		days	days

Specimen Financial Statements: The Hershey Company

The Hershey Company

In thousands of dollars except per share amounts
Net Sales	$6,080,788	$5,671,009	$5,298,668
Costs and Expenses:
Cost of sales	3,548,896	3,255,801	3,245,531
Selling, marketing and administrative	1,477,750	1,426,477	1,208,672
Business realignment and impairment (credits) charges, net	(886)	83,433	82,875
Total costs and expenses	5,025,760	4,765,711	4,537,078
Income before Interest and Income Taxes	1,055,028	905,298	761,590
Interest expense, net	92,183	96,434	90,459
Income before Income Taxes	962,845	808,864	671,131
Provision for income taxes	333,883	299,065	235,137
Net Income	$628,962	$509,799	$435,994
Net Income Per ShareBasicClass B Common Stock	$ 2.58	$ 2.08	$ 1.77
Net Income Per ShareDilutedClass B Common Stock	$ 2.56	$ 2.07	$ 1.77
Net Income Per ShareBasicCommon Stock	$ 2.85	$ 2.29	$ 1.97
Net Income Per ShareDilutedCommon Stock	$ 2.74	$ 2.21	$ 1.90
Cash Dividends Paid Per Share:
Common Stock	$ 1.3800	$1.2800	$1.1900
Class B Common Stock	1.2500	1.1600	1.0712

	The notes to consolidated financial statements are an integral part of these statements and are included in Hershey's 2011 Annual Report, available at www.thehersheycompany.com.

In thousands of dollars
ASSETS Current Assets:
Cash and cash equivalents	$ 693,686	$ 884,642
Accounts receivabletrade	399,499	390,061
Inventories	648,953	533,622
Deferred income taxes	136,861	55,760
Prepaid expenses and other	167,559	141,132
Total current assets	2,046,558	2,005,217
Property, Plant and Equipment, Net	1,559,717	1,437,702
Goodwill	516,745	524,134
Other Intangibles	111,913	123,080
Deferred Income Taxes	38,544	21,387
Other Assets	138,722	161,212
Total assets	$4,412,199	$4,272,732
LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities:
Accounts payable	$ 420,017	$ 410,655
Accrued liabilities	612,186	593,308
Accrued income taxes	1,899	9,402
Short-term debt	42,080	24,088
Current portion of long-term debt	97,593	261,392
Total current liabilities	1,173,775	1,298,845
Long-term Debt	1,748,500	1,541,825
Other Long-term Liabilities	617,276	494,461
Total liabilities	3,539,551	3,335,131
Commitments and Contingencies
Stockholders' Equity:
The Hershey Company Stockholders' Equity
Preferred Stock, shares issued: none in 2011 and 2010
Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010	299,269	299,195
Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010	60,632	60,706
Additional paid-in capital	490,817	434,865
Retained earnings	4,699,597	4,374,718
TreasuryCommon Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010	(4,258,962)	(4,052,101)
Accumulated other comprehensive loss	(442,331)	(215,067)
The Hershey Company stockholders' equity	849,022	902,316
Noncontrolling interests in subsidiaries	23,626	35,285
Total stockholders' equity	872,648	937,601
Total liabilities and stockholders' equity	$4,412,199	$4,272,732

In thousands of dollars
Cash Flows Provided from (Used by) Operating Activities
Net income	$628,962	$509,799	$ 435,994
Adjustments to reconcile net income to net cash provided from operations:
Depreciation and amortization	215,763	197,116	182,411
Stock-based compensation expense, net of tax of $15,127, $17,413 and $19,223, respectively	28,341	32,055	34,927
Excess tax benefits from stock-based compensation	(13,997)	(1,385)	(4,455)
Deferred income taxes	33,611	(18,654)	(40,578)
Gain on sale of trademark licensing rights, net of tax of $5,962	(11,072)
Business realignment and impairment charges, net of tax of $18,333, $20,635 and $38,308, respectively	30,838	77,935	60,823
Contributions to pension plans	(8,861)	(6,073)	(54,457)
Changes in assets and liabilities, net of effects from business acquisitions and divestitures:
Accounts receivabletrade	(9,438)	20,329	46,584
Inventories	(115,331)	(13,910)	74,000
Accounts payable	7,860	90,434	37,228
Other assets and liabilities	(205,809)	13,777	293,272
Net Cash Provided from Operating Activities	580,867	901,423	1,065,749
Cash Flows Provided from (Used by) Investing Activities
Capital additions	(323,961)	(179,538)	(126,324)
Capitalized software additions	(23,606)	(21,949)	(19,146)
Proceeds from sales of property, plant and equipment	312	2,201	10,364
Proceeds from sale of trademark licensing rights	20,000
Business acquisitions	(5,750)		(15,220)
Net Cash (Used by) Investing Activities	(333,005)	(199,286)	(150,326)
Cash Flows Provided from (Used by) Financing Activities
Net change in short-term borrowings	10,834	1,156	(458,047)
Long-term borrowings	249,126	348,208
Repayment of long-term debt	(256,189)	(71,548)	(8,252)
Proceeds from lease financing agreement	47,601
Cash dividends paid	(304,083)	(283,434)	(263,403)
Exercise of stock options	184,411	92,033	28,318
Excess tax benefits from stock-based compensation	13,997	1,385	4,455
Contributions from noncontrolling interests in subsidiaries		10,199	7,322
Repurchase of Common Stock	(384,515)	(169,099)	(9,314)
Net Cash (Used by) Financing Activities	(438,818)	(71,100)	(698,921)
(Decrease) Increase in Cash and Cash Equivalents	(190,956)	631,037	216,502
Cash and Cash Equivalents as of January 1	884,642	253,605	37,103
Cash and Cash Equivalents as of December 31	$693,686	$884,642	$ 253,605
Interest Paid	$ 97,892	$ 97,932	$ 91,623
Income Taxes Paid	292,315	350,948	252,230

In thousands of dollars
Balance as of January 1, 2009	$	$299,190	$60,711	$352,375	$3,975,762	$(4,009,931)	$(359,908)	$31,745	$349,944
Net income					435,994				435,994
Other comprehensive income							157,064		157,064
Comprehensive income									593,058
Dividends:
Common Stock, $1.19 per share					(198,371)				(198,371)
Class B Common Stock, $1.0712 per share					(65,032)				(65,032)
Conversion of Class B Common Stock into Common Stock		2	(2)
Incentive plan transactions				(355)		4,762			4,407
Stock-based compensation				44,704					44,704
Exercise of stock options				(2,046)		34,854			32,808
Repurchase of Common Stock						(9,314)			(9,314)
Noncontrolling interests in subsidiaries								8,135	8,135
Balance as of December 31, 2009		299,192	60,709	394,678	4,148,353	(3,979,629)	(202,844)	39,880	760,339
Net income