The financial statements of Tootsie Roll are presented in Appendix D. The companys complete annual report, including

Question:

The financial statements of Tootsie Roll are presented in Appendix D. The company’s complete annual report, including the notes to its financial statements, is available at www.tootsie.com.

Instructions
Visit Tootsie Roll’s corporate website and answer the following questions from Tootsie Roll’s 2010 annual report.
(a) Using the financial statements and related information, identify items that may result in adjusting entries for prepayments.
(b) Using the financial statements and related information, identify items that may result in adjusting entries for accruals.

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...