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Financial Reporting and Analysis

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Financial Reporting and Analysis
FINANCIAL REPORTING PROBLEM: Tootsie Roll Industries, Inc.
BYP4-1 The financial statements of Tootsie Roll are presented in Appendix A at the end of this book.
(a) Using the consolidated income statement and balance sheet, identify items that may result
in adjusting entries for deferrals.
(b) Using the consolidated income statement, identify two items that may result in adjusting entries for accruals.
(c) What was the amount of depreciation expense for 2009 and 2008? (You will need to examine the notes to the financial statements or the statement of cash flows.) Where was accumulated depreciation reported?
(d) What was the cash paid for income taxes during 2009, reported at the bottom of the consolidated statement of cash flows? What was income tax expense (provision for income taxes)
for 2009?
BYP4-2 The financial statements of The Hershey Company are presented in Appendix B, following the financial statements for Tootsie Roll in Appendix A.
(a) Identify two accounts on Hershey’s balance sheet that provide evidence that Hershey uses accrual accounting. In each case, identify the income statement account that would be affected
by the adjustment process.
(b) Identify two accounts on Tootsie Roll’s balance sheet that provide evidence that Tootsie Roll
uses accrual accounting (different from the two you listed for Hershey). In each case, identify
the income statement account that would be affected by the adjustment process.
BYP4-3 The February 13, 2010, issue of the Wall Street Journal includes an article by Scott
Thurm entitled “For Some Firms, a Case of ‘Quadrophobia’.”
Read the article and answer the following.
(a) What method did the study’s authors use to determine that companies were “managing” their
earnings per share calculation?
(b) For the average company in the study, how much would the company have to boost earnings
in order to increase earnings per share by 1/10 of a cent?

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(c) What examples did the authors cite of accounting adjustments that companies can make to
boost net income enough that they can round up to the next highest cent? Why aren’t these
methods of adjustment considered illegal?
broadening your perspective
(c) Totals $8,160
(e) Totals $8,804
(f) Net income $3,211
(h) Totals $6,065
c04AccrualAccountingConcepts.qxd 8/3/10 1:50 PM Page 220Broadening Your Perspective 221
(d) What is an earnings restatement? What relationship did the authors identify about companies
that restate earnings?
(e) What incentive do companies have to round up their earnings per share to the next highest cent?
BYP4-4 Laser Recording Systems, founded in 1981, produces disks for use in the home market. The
following is an excerpt from Laser Recording Systems’ financial statements (all dollars in thousands).
(a) Can you tell from the discussion whether Laser Recording Systems has prepaid its legal expenses and is now making an adjustment to the asset account Prepaid Legal Expenses, or
whether the company is handling the legal expense via an accrued expense adjustment?
(b) Identify each of the adjustments Laser Recording Systems is discussing as one of the four
types of possible adjustments discussed in the chapter. How is net income ultimately affected
by each of the adjustments?
(c) What journal entry did Laser Recording make to record the accrued interest?
BYP4-5 Purpose:To learn about the functions of the Securities and Exchange Commission (SEC).
Address:, or go to
Use the information in this site to answer the following questions.
(a) What event spurred the creation of the SEC? Why was the SEC created?
(b) What are the four divisions of the SEC? Briefly describe the purpose of each.
(c) What are the responsibilities of the chief accountant?

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