The 2011 financial statements of Tootsie Roll Industries, Inc. are provided in Appendix A.
Refer to Tootsie Roll’s financial statements to answer the following questions.
(a) What were Tootsie Roll’s total assets at December 31, 2011? At December 31, 2010?
(b) How much cash did Tootsie Roll have on December 31, 2011?
(c) What amount of accounts payable did Tootsie Roll report on December 31, 2011? On December 31, 2010?
(d) What were Tootsie Roll’s total revenues in 2011? In 2010?
(e) What is the amount of the change in Tootsie Roll’s net income from 2010 to 2011?