The balance sheets (adapted) for Tootsie Roll Industries, Inc., are shown here.

Requirements
1. What were the total current assets at December 31, 2007? December 31, 2008?
2. How are the assets ordered on the balance sheet?
3. What were the total current liabilities at December 31, 2007? December 31, 2008?
4. Calculate the current ratio at December 31, 2007, and December 31, 2008. What information do these numbersprovide?

Transcribed Image Text:

Tootsie Roll Industries, Inc. Balance Sheet (adapted) in thousands) December 31, 2008 December 31, 2007 68,908 17,963 34,196 55,584 11,328 217,628 406,485 $812,092 57,606 41,307 35,284 57,402 8,127 201,401 411,598 Other eurrent assets Net property, plant, and equipment Other noneurrent assets Llabilties and Shareholders' Equity Accounts payable Dividends payable 11,572 4,344 42,056 4,401 40,335 631 59,252 118,070 177.322 509,131 142,872 (17,233 634,770 Deferred income taxes Total current liabilities Noncurrent liabilities Total liabilities Contributed capital Retained earnings 57,972 116,523 495,197 156,752 (13,719) 638.230 Other shareholders' equity accounts, net Total shareholders' equity Total liabilities and shareholders' equity This is an ttem you will learn about in a later chapter