29 Jun Question Financial Reporting and Analysis
Question
Financial Reporting and Analysis
BYP3-1
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FINANCIAL REPORTING PROBLEM:Tootsie Roll Industries Inc.
The financial statements ofTootsie Rollin AppendixAat the back of this book contain the following selected accounts, all in thousands of dollars.
Common Stock
$ 24,862
Accounts Payable
9,140
Accounts Receivable
37,512
Selling, Marketing, and Administrative Expenses
103,755
Prepaid Expenses
8,562
Net Property, Plant, and Equipment
220,721
Net Product Sales
495,592
Instructions
(a)
What is the increase and decrease side for each account? What is the normal balance for each account?
(b)
Identify the probable other account in the transaction and the effect on that account when:
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1.
Accounts Receivable is decreased.
2.
Accounts Payable is decreased.
3.
Prepaid Expenses is increased.
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(c)
Identify the other account(s) that ordinarily would be involved when:
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1.
Interest Expense is increased.
2.
Property, Plant, and Equipment is increased.
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BYP3-2
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COMPARATIVE ANALYSIS PROBLEM:Tootsie Roll vs. Hershey
The financial statements ofThe Hershey Companyappear in AppendixB, following the financial statements forTootsie Rollin AppendixA.
Instructions
(a)
Based on the information contained in these financial statements, determine the normal balance for:
Tootsie Roll Industries
The Hershey Company
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1.
Accounts Receivable
2.
Net Property, Plant, and Equipment
3.
Accounts Payable
4.
Retained Earnings
5.
Net Product Sales
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1.
Inventories
2.
Provision for Income Taxes
3.
Accrued Liabilities
4.
Common Stock
5.
Interest Expense
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