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.

(a) What were Tootsie Roll’s total current assets at December 31, 2010 and December 31, 2009?
(b) Are the assets included in current assets listed in the proper order? Explain.
(c) How are Tootsie Roll’s assets classified?
(d) What were Tootsie Roll’s current liabilities at December 31, 2010, and December 31, 2009?

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...