Discuss the below:
Locate the following values on Tootsie Rolls Annual Report - Financial Statements for 2014 Assets
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Assets
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Item
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2014
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2013
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Variance
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$
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Total Assets
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Cash
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Cash Equivalent
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Accounts Receivables
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Inventory: Finished Goods & Work in PRocess
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Inventory: Raw Materials
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Prepaid Expenses
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Total Current Assets
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*Variance $ is calculated by taking the current year number minus the prior year number (2013 -2012)
Response the following questions on Tootsie Rolls Annual Report - Financial Statements for 2014Assets: Your answer must be in complete sentences to earn full points.
1) What is the definition of an Asset?
2) What is the difference between a current asset and a current liability?
3) What were Tootsie Rolls Total Assets at December 31, 2013 and at December 31, 2014? Did total Assets Increase or Decrease? By how much?
4) How much CASH did Tootsie Roll have at December 31, 2014?
Locate the following values on Tootsie Rolls Annual Report - Financial Statements for 2014 Liabilities.
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Liabilities
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Item
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2014
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2013
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Variance
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$
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Total Liabilities
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Accounts Payable
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Income Taxes Payable
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Total Current Liabilties
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Response the following questions on Tootsie Rolls Annual Report - Financial Statements for 2014 Liabilities: Your answer must be in complete sentences to earn full points.
5) What is a liability?
6) What is Tootsie Rolls Total Liabilities at December 31, 2013 and December 31, 2014?
7) Have Tootsie Roll Industries' Liabilities Increased or Decreased from 2013 to 2014? What does this mean?
8) What does it mean to have accrued liabilities?
9) What is the definition of a Non-Current Liability?
10) What is a current liability?
Locate the following values on Tootsie Rolls Annual Report - Financial Statements for 2014 Consolidated Statement of Earnings & Retained Earnings.
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Consolidated Statement of Earnings & Retained Earnings
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Item
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2014
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2013
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2012
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Total Revenue
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Total Costs
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Selling, Marketing and Administrative Expenses
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Total Gross Margin
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Net Income*
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* Tootsie Roll refers to Net Income as "Net Earnings"
Response the below questions on Tootsie Rolls Annual Report - Financial Statements for 2013 Income Statement: Your answers must be in complete sentences to earn full points.
11) What are Tootsie Roll's total revenues for 2013 and 2014? Are Tootsie Rolls Revenues increasing or decreasing over the three years? By how much?
12) By how much did Tootsie Rolls Net Income (Net Earnings) Increase or Decrease from 2013 to 2014? **Net Income is different than Revenue**
13) Which of the accounts found on the income statement and balance sheet have been created as a result of adjusting entries?
14) Review the Income Statement and Balance Sheet for Tootsie Roll Industries. Which of the accounts found on the income statement and balance sheet (Statement of Financial Position) have, most likely, been adjusted?
15) Does Tootsie Roll use cash or accrual accounting? Provide evidence to support your answer?