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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

Financial Assets

Tootsie Roll Exercises

TOOTSIE ROLL EXERCISE

EXERCISE 7.18

Using the Annual Report of Tootsie Roll Industries, Inc.

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 answer the following questions:

What is the total dollar value of the company's financial assets for the most current year reported?
Does the company report any investments in marketable securities? If so, how does it report unrealized gains and losses?
What is the company's allowance for uncollectible accounts for the most current year reported?
On average, for how many days do the company's accounts receivable remain outstanding before collection?

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