 |  Financial and Managerial Accounting: The Basis for Business Decisions, 12/e Jan R. Williams,
University of Tennessee
Susan F. Haka,
Michigan State University
Mark S. Bettner,
Bucknell University
Robert F. Meigs
Accounting for Merchandising Activities
Tootsie Roll Exercises| | TOOTSIE ROLL EXERCISE | EXERCISE 6.14 Using an Annual Report LO 1, 6 | | The annual report of Tootsie Roll Industries, Inc. appears in
Appendix A at the end of this textbook. Use this report to completes the
following requirements: - Calculate the gross profit percentage of Tootsie Roll Industries for
each of the years shown in the company's income statements.
- Evaluate the company's trend in sales and gross profit to date.
- Does management seem optimistic about future trends in sales and gross
profit? Explain.
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2002 McGraw-Hill Higher Education