I need help with the questions I attached to this. I am stuck and I cant figure it out

Question 1 GAAP: provides very detailed, industry-specific guidance on revenue recognition, compared to the general guidance provided by IFRS. provides only general guidance on revenue recognition, compared to the detailed guidance provided by IFRS. requires that revenue not be recognized until cash is received. allows revenue to be recognized when a customer makes an order. Question 2 Which of the following statements is false? IFRS uses the cash basis of accounting. IFRS employs the periodicity assumption. IFRS employs accrual accounting. IFRS requires that revenues and costs must be capable of being measured reliably. Question 3 As a result of the revenue recognition project being undertaken by the FASB and IASB: revenue recognition will place more emphasis on when revenue is realized. revenue recognition will place more emphasis on when changes occur in assets and liabilities. revenue recognition will place more emphasis on when revenue is earned. revenue will no longer be recorded unless cash has been received. Question 4 Which of the following is false? IFRS has fewer standards than GAAP that address revenue recognition. Under IFRS, firms do not engage in the closing process. Under IFRS, the term income describes both revenues and gains. Under IFRS, the term expenses includes losses. Broadening Your Perspective 4-1 The financial statements of Tootsie Roll are presented below. TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) For the year ended December 31, 2011 2010 2009 Net product sales $528,369 $517,149 $495,592 Rental and royalty revenue 4,136 4,299 3,739 Total revenue 532,505 521,448 499,331 Product cost of goods sold 365,225 349,334 319,775 Rental and royalty cost 1,038 1,088 852 Total costs 366,263 350,422 320,627 Product gross margin 163,144 167,815 175,817 Rental and royalty gross margin 3,098 3,211 2,887 Total gross margin 166,242 171,026 178,704 Selling, marketing and administrative expenses 108,276 106,316 103,755 Impairment charges 14,000 Earnings from operations 57,966 64,710 60,949 Other income (expense), net 2,946 8,358 2,100 Earnings before income taxes 60,912 73,068 63,049 Provision for income taxes 16,974 20,005 9,892 Net earnings $43,938 $53,063 $53,157 Net earnings $43,938 $53,063 $53,157 Other comprehensive earnings (loss) (8,740) 1,183 2,845 Comprehensive earnings $35,198 $54,246 $56,002 Retained earnings at beginning of year $135,866 $147,687 $144,949 Net earnings 43,938 53,063 53,157 Cash dividends (18,360) (18,078) (17,790) Stock dividends (47,175) (46,806) (32,629) Retained earnings at end of year $114,269 $135,866 $147,687 Earnings per share $0.76 $0.90 $0.89 Average Common and Class B Common shares 57,892 58,685 59,425 outstanding (The accompanying notes are an integral part of these statements.) CONSOLIDATED STATEMENTS OF Financial Position TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) Assets December 31, 2011 2010 CURRENT ASSETS: Cash and cash equivalents $78,612 $115,976 Investments 10,895 7,996 Accounts receivable trade, less allowances of $1,731 and $1,531 41,895 37,394 Other receivables 3,391 9,961 Inventories: Finished goods and work-in-process 42,676 35,416 Raw materials and supplies 29,084 21,236 Prepaid expenses 5,070 6,499 Deferred income taxes Total current assets PROPERTY, PLANT AND EQUIPMENT, at cost: Land Buildings Machinery and equipment Construction in progress LessAccumulated depreciation Net property, plant and equipment OTHER ASSETS: Goodwill Trademarks Investments Split dollar officer life insurance Prepaid expenses Equity method investment Deferred income taxes Total other assets Total assets Liabilities and Shareholders' Equity CURRENT LIABILITIES: Accounts payable Dividends payable Accrued liabilities Total current liabilities NONCURRENT LIABILITES: Deferred income taxes Postretirement health care and life insurance benefits Industrial development bonds Liability for uncertain tax positions Deferred compensation and other liabilities Total noncurrent liabilities SHAREHOLDERS' EQUITY: Common stock, $.69-4/9 par value120,000 shares authorized 36,479 and 36,057 respectively, issued Class B common stock, $.69-4/9 par value40,000 shares authorized 21,025 and 20,466 respectively, issued Capital in excess of par value Retained earnings, per accompanying statement Accumulated other comprehensive loss Treasury stock (at cost)71 shares and 69 shares, respectively Total shareholders' equity Total liabilities and shareholders' equity 578 212,201 689 235,167 21,939 107,567 322,993 2,598 455,097 242,935 212,162 21,696 102,934 307,178 9,243 440,974 225,482 215,492 73,237 175,024 96,161 74,209 3,212 3,935 7,715 433,493 $857,856 73,237 175,024 64,461 74,441 6,680 4,254 9,203 407,300 $857,959 December 31, 2011 2010 $10,683 4,603 43,069 58,355 $9,791 4,529 44,185 58,505 43,521 26,108 7,500 8,345 48,092 133,566 47,865 20,689 7,500 9,835 46,157 132,046 25,333 25,040 14,601 14,212 533,677 114,269 (19,953) (1,992) 665,935 $857,856 505,495 135,866 (11,213) (1,992) 667,408 $857,959 TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF Cash Flows (in thousands) For the year ended December 31, 2011 2010 2009 CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation Impairment charges Impairment of equity method investment Loss from equity method investment Amortization of marketable security premiums Changes in operating assets and liabilities: Accounts receivable Other receivables Inventories Prepaid expenses and other assets Accounts payable and accrued liabilities Income taxes payable and deferred Postretirement health care and life insurance benefits Deferred compensation and other liabilities Others Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures Net purchase of trading securities Purchase of available for sale securities Sale and maturity of available for sale securities Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Shares repurchased and retired Dividends paid in cash Net cash used in financing activities $43,938 $53,063 $53,157 19,229 194 1,267 18,279 342 522 17,862 14,000 4,400 233 320 (5,448) 3,963 (15,631) 5,106 84 (5,772) 2,022 2,146 (708) 50,390 717 (2,373) (1,447) 4,936 2,180 2,322 1,429 2,525 310 82,805 (5,899) (2,088) 455 5,203 (2,755) (12,543) 1,384 2,960 305 76,994 (16,351) (3,234) (39,252) 7,680 (51,157) (12,813) (2,902) (9,301) 8,208 (16,808) (20,831) (1,713) (11,331) 17,511 (16,364) (18,190) (18,407) (36,597) (22,881) (18,130) (41,011) (20,723) (17,825) (38,548) Increase (decrease) in cash and cash equivalents (37,364) 24,986 22,082 Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 115,976 $78,612 90,990 $115,976 68,908 $90,990 Supplemental cash flow information Income taxes paid $16,906 $20,586 Interest paid $38 $49 Stock dividend issued $47,053 $46,683 (The accompanying notes are an integral part of these statements.) $22,364 $182 $32,538 Don't show me this message again for the assignment What was the amount of depreciation expense for 2011 and 2010? (You will need to examine the notes to the financial statements or the statement of cash flows.) (Enter amounts in thousands.) 2011 Depreciation 2010 $ expenses Don't show me this message again for the assignment What was the cash paid for income taxes during 2011, reported at the bottom of the consolidated statement of cash flows? What was income tax expense (provision for income taxes) for 2011? (Enter amounts in thousands.) Income tax paid during 2011 Provision for income tax made during 2011 $ $