The notes that accompany a companys financial statements provide informative details that would clutter the amounts and

Question:

The notes that accompany a company’s provide informative details that would clutter the amounts and descriptions presented in the statements. Refer to the of Tootsie Roll and the accompanying Notes to Consolidated in Appendix A.
Instructions
Answer the following questions. (Give the amounts in thousands of dollars, as shown in Tootsie Roll’s annual report.)
(a) What did Tootsie Roll report for the amount of inventories in its Consolidated at December 31, 2009? At December 31, 2008?
(b) Compute the dollar amount of change and the percentage change in inventories between 2008 and 2009. Compute inventory as a percentage of current assets for 2009.
(c) What are the (product) cost of goods sold reported by Tootsie Roll for 2009, 2008, and 2007? Compute the ratio of (product) cost of goods sold to net (product) sales in 2009.

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... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...