The financial statements of Tootsie Roll Industries, Inc , appear in Appendix A at the end of this book Instructions Answer the following questions using the Consolidated Balance Sheet and the Notes to Consolidated Financial Statements section (a) What were Tootsie Rolls total current assets at Dec...

a Total current assets were 199726000 at December 31 20 ...

The financial statements of Tootsie Roll Industries, Inc., appear in Appendix A at the end of this

Question:

The of Tootsie Roll Industries, Inc., appear in Appendix A at the end of this book.

Instructions
Answer the following questions using the Consolidated and the Notes to Consolidated section.
(a) What were Tootsie Roll’s total current assets at December 31, 2007, and December 31, 2006?
(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, 2007, and December 31, 2006?

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... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...