Tootsie Roll Industries manufactures and sells more than 64 million Tootsie Rolls and 20 mil-lion Tootsie Roll

Question:

Tootsie Roll Industries manufactures and sells more than 64 million Tootsie Rolls and 20 mil-lion Tootsie Roll Pops each day. The following items were listed on Tootsie Roll’s recent income statement and For each item, indicate (1) the type of account (A = asset, L = liability, SE = stockholders’ equity, R = revenue, E = expense) and (2) whether it is reported on the income statement (I/ S) or (B/ S).
1. Office Expenses
3. Cash
4. Equipment
5. Advertising Expense
6. Sales Revenue
7. Notes Payable
8. Retained Earnings
9. Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... 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...