Resource:WileyPLUS

Financial Accounting: Tools for Business Decision Making, 7th Edition

Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso 2013

Completethe following Week 1 Assignment in WileyPLUS:

• BYP 8-1 (Please show how you got the answers too)
• BYP8-2(Pleaseshowhowyougottheanswerstoo)

Thank you very much for your help.

6/25/2015 Print Assignment: Assignment: Week 1 Assignment ::true Description / Instructions: Complete the following Week 1 Assignment in WileyPLUS: * Exercise 84 * Exercise 811 * BYP 81 * BYP 82 Question 1 The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $86,000 Credit Sales $897,000 and Sales Returns and Allowances $52,200. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) If Wainwright uses the direct writeoff method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller's $830 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,000 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable. (c) If Allowance for Doubtful Accounts has a debit balance of $660 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable. No. Account Titles and Explanation Debit Credit (a) (b) (c) Question 2 Suppose the following information was taken from the 2014 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) Accounts receivable (gross) Accounts receivable (net) Allowance for doubtful accounts Sales revenue Total current assets 2014 2013 $ 3,455 $ 4,385 3,434 4,404 21 19 35,443 37,801 7,661 7,181 Answer each of the following questions. Calculate the accounts receivable turnover and the average collection period for 2014 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numberQuest=true&titleType=true 1/12 6/25/2015 Print Assignment: Assignment: Week 1 Assignment ::true calculation.) Accounts receivable turnover times The average collection period for 2014 days Is accounts receivable a material component of the company's total current assets? Question 3 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 $43,938 $53,063 $53,157 Net earnings Net earnings Other comprehensive earnings (loss) Comprehensive earnings Retained earnings at beginning of year. Net earnings Cash dividends Stock dividends Retained earnings at end of year Earnings per share $43,938 (8,740) $35,198 $135,866 43,938 (18,360) (47,175) $114,269 $0.76 $53,063 1,183 $54,246 $53,157 2,845 $56,002 $147,687 53,063 (18,078) (46,806) $135,866 $144,949 53,157 (17,790) (32,629) $147,687 $0.90 Average Common and Class B Common shares 57,892 58,685 outstanding (The accompanying notes are an integral part of these statements.) $0.89 59,425 CONSOLIDATED STATEMENTS OF http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numberQuest=true&titleType=true 2/12 6/25/2015 Print Assignment: Assignment: Week 1 Assignment ::true Financial Position TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data) Assets CURRENT ASSETS: Cash and cash equivalents Investments Accounts receivable trade, less allowances of $1,731 and $1,531 Other receivables Inventories: Finished goods and workinprocess Raw materials and supplies Prepaid expenses 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, $.694/9 par value120,000 shares http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numberQuest=true&titleType=true December 31, 2011 2010 $78,612 10,895 $115,976 7,996 41,895 37,394 3,391 9,961 42,676 29,084 5,070 578 212,201 35,416 21,236 6,499 689 235,167 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 73,237 175,024 175,024 96,161 64,461 74,209 74,441 3,212 6,680 3,935 4,254 7,715 9,203 433,493 407,300 $857,856 $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 3/12 6/25/2015 Print Assignment: Assignment: Week 1 Assignment ::true authorized36,479 and 36,057 respectively, issued Class B common stock, $.694/9 par value40,000 shares authorized21,025 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 14,601 14,212 533,677 114,269 (19,953) 505,495 135,866 (11,213) (1,992) (1,992) 667,408 $857,856 Total liabilities and shareholders' equity 665,935 $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 $43,938 $53,063 $53,157 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation 19,229 18,279 17,862 Impairment charges 14,000 Impairment of equity method investment 4,400 Loss from equity method investment 194 342 233 Amortization of marketable security premiums 1,267 522 320 Changes in operating assets and liabilities: Accounts receivable (5,448) 717 (5,899) Other receivables 3,963 (2,373) (2,088) Inventories (15,631) (1,447) 455 Prepaid expenses and other assets 5,106 4,936 5,203 Accounts payable and accrued liabilities 84 2,180 (2,755) Income taxes payable and deferred (5,772) 2,322 (12,543) Postretirement health care and life insurance 2,022 1,429 1,384 benefits Deferred compensation and other liabilities 2,146 2,525 2,960 Others (708) 310 305 Net cash provided by operating activities 50,390 82,805 76,994 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (16,351) (12,813) (20,831) Net purchase of trading securities (3,234) (2,902) (1,713) Purchase of available for sale securities (39,252) (9,301) (11,331) Sale and maturity of available for sale securities 7,680 8,208 17,511 Net cash used in investing activities (51,157) (16,808) (16,364) CASH FLOWS FROM FINANCING ACTIVITIES: Shares repurchased and retired (18,190) (22,881) (20,723) Dividends paid in cash (18,407) (18,130) (17,825) Net cash used in financing activities (36,597) (41,011) (38,548) Increase (decrease) in cash and cash equivalents (37,364) 24,986 22,082 Cash and cash equivalents at beginning of year 115,976 90,990 68,908 $78,612 $115,976 $90,990 Cash and cash equivalents at end of year Supplemental cash flow information Income taxes paid $16,906 $20,586 $22,364 Interest paid $38 $49 $182 Stock dividend issued $47,053 $46,683 $32,538 (The accompanying notes are an integral part of these statements.) Five Year Summary of Earning and Financial Hightlights http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numberQuest=true&titleType=true 4/12 6/25/2015 Print Assignment: Assignment: Week 1 Assignment ::true TOOTISE ROLL. INDUSTRY, INC. AND SUBSIDIARIES (Thousands of dollars except per share, percentage and ratio figures) 2011 Sales and Earnings Data Net product sales Product gross margin Interest expenses Provision for income taxes Net earnings % of net product sales % of shareholders' equity Per Common Share Data Net earnings Cash dvidends declared Stock dividends Additional Financial Data Working capital Net cash provided by opreating activities Net cash provided by (used by) investing activities Net cash used in financing activities 2010 2009 2008 2007 $528,369 $517,149 $495,592 $492,051 $492,742 163,144 167,815 175,817 158,055 165,456 121 142 243 378 535 16,974 20,005 9,892 16,347 25,401 43,938 53,063 53,157 38,880 52,175 8.3% 10.3% 10.7% 7.9% 10.6% 6.6% 8.0% 8.1% 6.1% 8.1% $0.76 $0.90 $0.89 $0.65 $0.85 0.32 0.32 0.32 0.32 0.32 3% 3% 3% 3% 3% $153,846 $176,662 $154,409 $129,694 $142,163 50,390 82,805 76,994 57,333 90,148 (51,157) (16,808) (16,364) (7,565) (43,429) (36,597) (41,011) (38,548) (38,666) (44,842) http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numberQuest=true&titleType=true 5/12 6/25/2015 Print Assignment: Assignment: Week 1 Assignment ::true Property, plant & equipment additions Net property, plant & equipment Total assets Longterm debt Shareholders' equity Average shares outstanding 16,351 12,813 20,831 34,355 14,767 212,162 215,492 220,721 217,628 201,401 857,856 857,959 836,844 813,252 813,134 7,500 7,500 7,500 7,500 7,500 665,935 667,408 654,244 636,847 640,204 57,892 58,685 59,425 60,152 61,580 Notes to Consolidated Financial Statements ($ in thousands) Revenue recognition: Products are sold to customers based on accepted purchase orders which include quantity, sales price and other relevant terms of sale. Revenue, net of applicable provisions for discounts, returns, allowances and certain advertising and promotional costs, is recognized when products are delivered to customers and collectability is reasonably assured. Shipping and handling costs of $45,850, $43,034, and $38,628 in 2011, 2010 and 2009, respectively, are included in selling, marketing and administrative expenses. Accounts receivable are unsecured. Revenues from a major customer aggregated approximately 23.3%, 21.4% and 22.9% of net product sales during the years ended December 31, 2011, 2010 and 2009, respectively. SEGMENT AND GEOGRAPHIC INFORMATION: The Company operates as a single reportable segments encompassing the manufacturing and sale of confectionery products. Its principal manufacturing operations are located in the United States and Canada, and its principal market is in the United States. The Company also manufactures and sells confectionery products in Mexico, and exports products to Canada and countries worldwide. The following geographic data includes net product sales summarized on the basis of the customer location and longlived assets based on their location: 2011 2010 2009 $487,185 $471,714 $455,517 41,184 45,435 40,075 $528,369 $517,149 $495,592 $170,173 $172,087 $176,044 41,989 43,405 44,677 $212,162 $215,492 $220,721 Net product sales: United states Foreign Longlived assets: United states Foreign Calculate the accounts receivable turnover and average collection period for 2011. (Use \"Net Product Sales.\" Assume all sales were credit sales.) (Round answers to 1 decimal place, e.g. 15.2.) Accounts receivable turnover times http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numberQuest=true&titleType=true 6/12 6/25/2015 Print Assignment: Assignment: Week 1 Assignment ::true Average collection period days Question 4 The financial statements of The Hershey Company and Tootsie Roll are presented below. THE HERSHEY COMPANY CONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011 2010 2009 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 (886) 83,433 82,875 (credits) charges, net Total costs and expenses 5,025,760 4,765,711 4,537,078 Income before Interest and Income 1,055,028 905,298 761,590 Taxes 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 $628,962 $509,799 $435,994 Net Income Net Income Per ShareBasicClass B $2.58 $2.08 $1.77 Common Stock Net Income Per ShareDilutedClass $2.56 $2.07 $1.77 B Common Stock Net Income Per ShareBasic $2.85 $2.29 $1.97 Common Stock Net Income Per ShareDiluted $2.74 $2.21 $1.90 Common Stock 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 the Hershey's 2011 Annual Report, available at www.thehersheycompany.com. THE HERSHEY COMPANY CONSOLIDATED BALANCE SHEETS December 31, In thousands of dollars ASSETS Current Assets: Cash and cash equivalents Accounts receivabletrade Inventories Deferred income taxes Prepaid expenses and other Total current assets Property, Plant and Equipment, Net Goodwill Other Intangibles Deferred Income Taxes Other Assets http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numberQuest=true&titleType=true 2011 2010 $693,686 399,499 648,953 136,861 167,559 2,046,558 1,559,717 516,745 111,913 38,544 138,722 $884,642 390,061 533,622 55,760 141,132 2,005,217 1,437,702 524,134 123,080 21,387 161,212 7/12 6/25/2015 Print Assignment: Assignment: Week 1 Assignment ::true Total assets $4,412,199 $4,272,732 $420,017 612,186 1,899 42,080 97,593 1,173,775 1,748,500 617,276 3,539,551 $410,655 593,308 9,402 24,088 261,392 1,298,845 1,541,825 494,461 3,335,131 299,269 299,195 60,632 60,706 490,817 4,699,597 434,865 4,374,718 (4,258,962) (4,052,101) (442,331) 849,022 23,626 872,648 $4,412,199 (215,067) 902,316 35,285 937,601 $4,272,732 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable Accrued liabilities Accrued income taxes Shortterm debt Current portion of longterm debt Total current liabilities Longterm Debt Other Longterm Liabilities Total liabilities 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 Class B Common Stock, shares issued: 60,632,042 in 2011 and 60,706,419 in 2010 Additional paidin capital Retained earnings TreasuryCommon Stock shares, at cost: 134,695,826 in 2011 and 132,871,512 in 2010 Accumulated other comprehensive loss The Hershey Company stockholders' equity Noncontrolling interests in subsidiaries Total stockholders' equity Total liabilities and stockholders'equity THE HERSHEY COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2011 2010 In thousands of dollars Cash Flows Provided from (Used by) Operating Activities Net income $628,962 $509,799 Adjustments to reconcile net income to net cash provided from operations: Depreciation and amortization 215,763 197,116 Stockbased compensation expense, net of tax of $15,127, $17,413 and $19,223, 28,341 32,055 respectively Excess tax benefits from stockbased (13,997) (1,385) compensation Deferred income taxes 33,611 (18,654) Gain on sale of trademark licensing rights, net (11,072) of tax of $5,962 Business realignment and impairment charges, net of tax of $18,333, $20,635 and 30,838 77,935 $38,308, respectively Contributions to pension plans (8,861) (6,073) Changes in assets and liabilities, net of effects from business acquisitions and divestitures: Accounts receivabletrade (9,438) 20,329 Inventories (115,331) (13,910) Accounts payable 7,860 90,434 Other assets and liabilities (205,809) 13,777 http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numberQuest=true&titleType=true 2009 $435,994 182,411 34,927 (4,455) (40,578) 60,823 (54,457) 46,584 74,000 37,228 293,272 8/12 6/25/2015 Print Assignment: Assignment: Week 1 Assignment ::true Net Cash Provided from Operating Activities Cash Flows Provided from (Used by) Investing Activities Capital additions Capitalized software additions Proceeds from sales of property, plant and equipment Proceeds from sales of trademark licensing rights Business acquisitions Net Cash (Used by) Investing Activities Cash Flows Provided from (Used by) Financing Activities Net change in shortterm borrowings Longterm borrowings Repayment of longterm debt Proceeds from lease financing agreement Cash dividends paid Exercise of stock options Excess tax benefits from stockbased compensation Contributions from noncontrolling interests in subsidiaries Repurchase of Common Stock Net Cash (Used by) Financing Activities (Decrease) Increase in Cash and Cash Equivalents Cash and Cash Equivalents as of January 1 Cash and Cash Equivalents as of December 31 Interest Paid Income Taxes Paid 580,867 901,423 (323,961) (23,606) (179,538) (21,949) 1,065,749 (126,324) (19,146) 312 2,201 10,364 20,000 (5,750) (333,005) (199,286) (15,220) (150,326) 10,834 249,126 (256,189) 47,601 (304,083) 184,411 1,156 348,208 (71,548) (283,434) 92,033 (458,047) (8,252) (263,403) 28,318 13,997 1,385 4,455 10,199 7,322 (384,515) (438,818) (169,099) (71,100) (9,314) (698,921) (190,956) 631,037 216,502 253,605 $884,642 $97,932 350,948 37,103 $253,605 $91,623 252,230 884,642 $693,686 $97,892 292,315 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 $43,938 $53,063 $53,157 Net earnings Net earnings Other comprehensive earnings (loss) Comprehensive earnings $43,938 (8,740) $35,198 http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numberQuest=true&titleType=true $53,063 1,183 $54,246 $53,157 2,845 $56,002 9/12 6/25/2015 Print Assignment: Assignment: Week 1 Assignment ::true Retained earnings at beginning of year. Net earnings Cash dividends Stock dividends Retained earnings at end of year Earnings per share $135,866 43,938 (18,360) (47,175) $114,269 $0.76 $147,687 53,063 (18,078) (46,806) $135,866 $144,949 53,157 (17,790) (32,629) $147,687 $0.90 Average Common and Class B Common shares 57,892 58,685 outstanding (The accompanying notes are an integral part of these statements.) $0.89 59,425 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 41,895 37,394 $1,531 Other receivables 3,391 9,961 Inventories: Finished goods and workinprocess 42,676 35,416 Raw materials and supplies 29,084 21,236 Prepaid expenses 5,070 6,499 Deferred income taxes 578 689 Total current assets 212,201 235,167 PROPERTY, PLANT AND EQUIPMENT, at cost: Land 21,939 21,696 Buildings 107,567 102,934 Machinery and equipment 322,993 307,178 Construction in progress 2,598 9,243 455,097 440,974 LessAccumulated depreciation 242,935 225,482 Net property, plant and equipment 212,162 215,492 OTHER ASSETS: Goodwill 73,237 73,237 Trademarks 175,024 175,024 Investments 96,161 64,461 Split dollar officer life insurance 74,209 74,441 Prepaid expenses 3,212 6,680 Equity method investment 3,935 4,254 Deferred income taxes 7,715 9,203 Total other assets 433,493 407,300 $857,856 $857,959 Total assets Liabilities and Shareholders' Equity December 31, 2011 2010 CURRENT LIABILITIES: Accounts payable $10,683 $9,791 Dividends payable 4,603 4,529 Accrued liabilities 43,069 44,185 Total current liabilities 58,355 58,505 NONCURRENT LIABILITES: Deferred income taxes 43,521 47,865 Postretirement health care and life insurance benefits 26,108 20,689 http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numberQuest=true&titleType=true 10/12 6/25/2015 Print Assignment: Assignment: Week 1 Assignment ::true Industrial development bonds Liability for uncertain tax positions Deferred compensation and other liabilities Total noncurrent liabilities SHAREHOLDERS' EQUITY: Common stock, $.694/9 par value120,000 shares authorized36,479 and 36,057 respectively, issued Class B common stock, $.694/9 par value40,000 shares authorized21,025 and 20,466 respectively, issued Capital in excess of par value Retained earnings, per accompanying statement Accumulated other comprehensive loss 7,500 9,835 46,157 132,046 25,333 25,040 14,601 14,212 533,677 114,269 (19,953) 505,495 135,866 (11,213) (1,992) Treasury stock (at cost)71 shares and 69 shares, respectively Total shareholders' equity Total liabilities and shareholders' equity 7,500 8,345 48,092 133,566 (1,992) 665,935 $857,856 667,408 $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 $43,938 $53,063 $53,157 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation 19,229 18,279 17,862 Impairment charges 14,000 Impairment of equity method investment 4,400 Loss from equity method investment 194 342 233 Amortization of marketable security premiums 1,267 522 320 Changes in operating assets and liabilities: Accounts receivable (5,448) 717 (5,899) Other receivables 3,963 (2,373) (2,088) Inventories (15,631) (1,447) 455 Prepaid expenses and other assets 5,106 4,936 5,203 Accounts payable and accrued liabilities 84 2,180 (2,755) Income taxes payable and deferred (5,772) 2,322 (12,543) Postretirement health care and life insurance 2,022 1,429 1,384 benefits Deferred compensation and other liabilities 2,146 2,525 2,960 Others (708) 310 305 Net cash provided by operating activities 50,390 82,805 76,994 CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (16,351) (12,813) (20,831) Net purchase of trading securities (3,234) (2,902) (1,713) Purchase of available for sale securities (39,252) (9,301) (11,331) Sale and maturity of available for sale securities 7,680 8,208 17,511 Net cash used in investing activities (51,157) (16,808) (16,364) CASH FLOWS FROM FINANCING ACTIVITIES: Shares repurchased and retired (18,190) (22,881) (20,723) Dividends paid in cash (18,407) (18,130) (17,825) Net cash used in financing activities (36,597) (41,011) (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 Supplemental cash flow information 115,976 $78,612 http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numberQuest=true&titleType=true 90,990 $115,976 68,908 $90,990 11/12 6/25/2015 Print Assignment: Assignment: Week 1 Assignment ::true Income taxes paid $16,906 $20,586 $22,364 Interest paid $38 $49 $182 Stock dividend issued $47,053 $46,683 $32,538 (The accompanying notes are an integral part of these statements.) 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 http://edugen.wiley.com/edugen/shared/assignment/test/agprint.uni?numberQuest=true&titleType=true 12/12 Solution Problem 3 Accounts Receivable Turnover = Sales/ Average Receivables =528369/((41895+37394)/2) 13.3 times Average Collection period = 365/Accounts receivable turnover 27.6 days Problem 4 Tootsie Roll Accounts Receivable Turnover Average collection period Hershey Company 13.3 15.4 27.4 23.7 Solution Problem 3 Accounts Receivable Turnover = Sales/ Average Receivables =528369/((41895+37394)/2) 13.3 times Average Collection period = 365/Accounts receivable turnover 27.6 days Problem 4 Tootsie Roll Accounts Receivable Turnover Average collection period Hershey Company 13.3 15.4 27.4 23.7