Sue Hartley recently accepted a job in the production department at Tootsie Roll. Before she starts work, she decides to review the company’s annual report to better understand its operations.
Use the annual report provided in Appendix A to answer the following questions.
(a) What CPA firm performed the audit of Tootsie Roll’s financial statements?
(b) What was the amount of Tootsie Roll’s earnings per share in 2011?
(c) What are the company’s net sales in foreign countries in 2011?
(d) What did management suggest as the cause of the decrease in the earnings from operations in 2011?
(e) What were net sales in 2007?
(f) How many shares of Class B common stock have been authorized?
(g) How much cash was spent on capital expenditures in 2011?
(h) Over what life does the company depreciate its buildings?
(i) What was the value of raw material and supplies inventory in 2010?