Refer to the financial statements and the Notes to Consolidated Financial Statements of Tootsie Roll Industries in
Question:
Instructions
Answer the following questions.
(a) What were the total cost and book value of property, plant, and equipment at December 31, 2009?
(b) What method or methods of depreciation are used by Tootsie Roll for financial reporting purposes?
(c) What was the amount of depreciation and amortization expense for each of the 3 years 2007–2009? (Hint: Use the statement of cash flows.)
(d) Using the statement of cash flows, what are the amounts of property, plant, and equipment purchased (capital expenditures) in 2009 and 2008?
(e) Explain how Tootsie Roll accounted for its intangible assets in 2009.
Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented... 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...
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a At December 31 2009 total cost of property plant and equipment ...View the full answer
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Related Book For 
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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