(Solution) 11/15/2015 Broadening Your Perspective 81 Print By: VANESSA MONTES ACC/291 49575374 / Copy Of Assignment: Week 1 Assignment Broadening Your... | Snapessays.com


(Solution) 11/15/2015 Broadening Your Perspective 81 Print by: VANESSA MONTES ACC/291 49575374 / Copy of Assignment: Week 1 Assignment Broadening Your...


please help with attached math problem. I would appreciate the help and if anyone were willing to help me through out the course that would be awesome I dont mind leaving tips for someone who wants to really help me out.11/15/2015

 

Broadening Your Perspective 8­1

 

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Broadening Your Perspective 8­1

 

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The financial statements of Tootsie Roll are presented below.

 

TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF

 

Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per

 

share data)

 

For the year ended December 31,

 

2011

 

2010

 

2009

 

Net product sales

 

$528,369

 

$517,149

 

$495,592

 

Rental and royalty revenue

 

4,136

 

4,299

 

3,739

 

Total revenue

 

532,505

 

521,448

 

499,331

 

Product cost of goods sold

 

365,225

 

349,334

 

319,775

 

Rental and royalty cost

 

1,038

 

1,088

 

852

 

Total costs

 

366,263

 

350,422

 

320,627

 

Product gross margin

 

163,144

 

167,815

 

175,817

 

Rental and royalty gross margin

 

3,098

 

3,211

 

2,887

 

Total gross margin

 

166,242

 

171,026

 

178,704

 

Selling, marketing and administrative expenses

 

108,276

 

106,316

 

103,755

 

Impairment charges

 

 

 

14,000

 

Earnings from operations

 

57,966

 

64,710

 

60,949

 

Other income (expense), net

 

2,946

 

8,358

 

2,100

 

Earnings before income taxes

 

60,912

 

73,068

 

63,049

 

Provision for income taxes

 

16,974

 

20,005

 

9,892

 

Net earnings

 

$43,938

 

$53,063

 

$53,157

 

Net earnings

 

$43,938

 

$53,063

 

$53,157

 

Other comprehensive earnings (loss)

 

(8,740)

 

1,183

 

2,845

 

Comprehensive earnings

 

$35,198

 

$54,246

 

$56,002

 

Retained earnings at beginning of year.

 

$135,866

 

$147,687

 

$144,949

 

Net earnings

 

43,938

 

53,063

 

53,157

 

Cash dividends

 

(18,360)

 

(18,078)

 

(17,790)

 

Stock dividends

 

(47,175)

 

(46,806)

 

(32,629)

 

Retained earnings at end of year

 

$114,269

 

$135,866

 

$147,687

 

Earnings per share

 

$0.76

 

$0.90

 

$0.89

 

Average Common and Class B Common shares

 

outstanding

 

57,892

 

58,685

 

59,425

 

(The accompanying notes are an integral part of these statements.)

 

CONSOLIDATED STATEMENTS OF

 

Financial Position

 

TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per

 

share data)

 

Assets

 

December 31,

 

2011

 

2010

 

CURRENT ASSETS:

 

Cash and cash equivalents

 

$78,612

 

$115,976

 

Investments

 

10,895

 

7,996

 


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