Question in the Book Accounting tools for business decision making 5 21. The accounting equation is Assets - Liabili- ties + Stockholders' Equity. Appendix A, at the end of this textbook, reproduces Tootsie Roll's financial statements. Replacing words in the equation with dollar amounts, what is Tootsie Roll's accounting equation at December 31, 2011? Illustration 1-12 Excerpt from auditor's report on Tootsie Rolil's financial statements DU TOOTSIE ROLL INDUSTRIES, INC. Excerpt from Auditor's Report To the Board of Directors and Shareholders of Tootsie Roll Industries, Inc. In our opinion, the accompanying consolidated statements of financial position and the related consolidated statements of earnings, comprehensive earnings and retained earnings, and of cash flows present fairly, in all material respects, the financial position of Tootsie Roll Industries, Inc. and its subsidiaries at December 31, 2011 and December 31, 2010, and the results of their operations and their cash flows for each of the three years in the period ended December 31. 2011 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained in all material respects, effective internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control- Integrazed Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (cOSO) Many interesting comparisons can be made between the two companies. Tootsie Roll is smaller, with total assets of $857,856,000 versus $4.412,199,000 for Her shey, and it has lower revenue- $532.505,000 versus $6.080,788.000 for Hershey In addition, Tootsie Roll's cash provided by operating activities of $50,390.000 is less than Hershey's $580.867.000 Question in the Book Accounting tools for business decision making 5 21. The accounting equation is Assets - Liabili- ties + Stockholders' Equity. Appendix A, at the end of this textbook, reproduces Tootsie Roll's financial statements. Replacing words in the equation with dollar amounts, what is Tootsie Roll's accounting equation at December 31, 2011? Illustration 1-12 Excerpt from auditor's report on Tootsie Rolil's financial statements DU TOOTSIE ROLL INDUSTRIES, INC. Excerpt from Auditor's Report To the Board of Directors and Shareholders of Tootsie Roll Industries, Inc. In our opinion, the accompanying consolidated statements of financial position and the related consolidated statements of earnings, comprehensive earnings and retained earnings, and of cash flows present fairly, in all material respects, the financial position of Tootsie Roll Industries, Inc. and its subsidiaries at December 31, 2011 and December 31, 2010, and the results of their operations and their cash flows for each of the three years in the period ended December 31. 2011 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained in all material respects, effective internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control- Integrazed Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (cOSO) Many interesting comparisons can be made between the two companies. Tootsie Roll is smaller, with total assets of $857,856,000 versus $4.412,199,000 for Her shey, and it has lower revenue- $532.505,000 versus $6.080,788.000 for Hershey In addition, Tootsie Roll's cash provided by operating activities of $50,390.000 is less than Hershey's $580.867.000
