Tootsie Roll Exercises

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Financial and Managerial Accounting: The Basis for Business Decisions, 12/e Jan R. Williams, University of Tennessee
Susan F. Haka, Michigan State University
Mark S. Bettner, Bucknell University
Robert F. Meigs

Chap 1 Accounting for Decision Making

Tootsie Roll Exercises
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* http://highered.mcgraw-hill.com/sites/0072396881/student_view0/chapter1/tootsie_roll_exercises.html * |  | TOOTSIE ROLL EXERCISE|
EXERCISE 1.16Tootsie Roll Industries, Inc.General InformationLO 3, 7|  | Locate the Tootsie Roll Industries, Inc. annual report that appears in Appendix A of the text. Briefly peruse the annual report and then respond to the following. a. Who are the two individuals responsible for the letter to shareholders that precedes the company's financial statements? b. What are the titles of the three financial statements that the company presents? c. The financial statements are followed by a series of explanatory notes. What are some of the subjects covered by those notes? d. Which firm audited the Tootsie Roll financial statements for 1999, and what was the general conclusion the firm reached?|

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TOOTSIE ROLL EXERCISE|
EXERCISE 2.17Tootsie Roll Industries, Inc. Financial StatementsLO 4, 5, 6|  | Locate the balance sheet, income statement, and statement of cash flows of Tootsie Roll Industries, Inc.in Appendix A of your text. Review those statements and then respond to the following for the year ended December 31, 1999. a. Did the company have a net income or net loss for the year? How much? b. What were the cash balances at the beginning and end of the year? What were the most important causes of cash increases and decreases during the year? (Treat "cash equivalents" as if they were cash.) c. What is the largest asset and the largest liability included in the company's balance sheet at the end of the year?| http://highered.mcgraw-hill.com/sites/0072396881/student_view0/chapter2/tootsie_roll_exercises.html The Accounting Cycle: Capturing Economics Events

Tootsie Roll Exercises
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 | TOOTSIE ROLL EXERCISE|
EXERCISE 3.13Annual Report; Appendix ALO 1, 2, 3, 7, 10|  | Throughout the text we have many assignments based on the annual report of Tootsie Roll Industries, Inc. in Appendix A. Refer to this annual report to respond to the following items: a. Does the company's fiscal year end on December 31? How can you tell? b. State the company's balance sheet in terms of A = L+ E. c. Did the company post more debits to the Cash account during the year than credits? How can you tell?|

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http://highered.mcgraw-hill.com/sites/0072396881/student_view0/chapter3/tootsie_roll_exercises.html

The Accounting Cycle: Accruals and Deferrals

Tootsie Roll Exercises
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 | TOOTSIE ROLL EXERCISE|
EXERCISE 4.11Examining an Annual ReportLO 1, 2|  | The annual report of Tootsie Roll Industries, Inc.appearsin Appendix A at the end of this textbook. Examine the company's consolidated balance sheet and identify specific accounts that may have required adjusting entries at the end of the year.|

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http://highered.mcgraw-hill.com/sites/0072396881/student_view0/chapter4/tootsie_roll_exercises.html The Accounting Cycle: Reporting Financial Results

Tootsie Roll Exercises
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 | TOOTSIE ROLL EXERCISE|
EXERCISE 5.10Examining an Annual ReportLO 3, 6|  | The annual report of Tootsie Roll Industries, Inc.appearsin Appendix A at the end of this textbook. a. Review the notes accompanying the company's consolidated financial statements. Identify the 11 major topic headings. b. Does the company use straight-line depreciation? How can you tell? c. What portion of the company's total revenue came from a single major customer in each of the three years reported? d. Using information from the consolidated financial statements, evaluate briefly the company's profitability and solvency.|

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