ACC 290 Week 2 Assignment

ACC 290 Week 2 Assignment

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Broadening Your Perspective 3-2

The financial statements of The Hershey Company and Tootsie Roll are presented below.

THE HERSHEY COMPANY

CONSOLIDATED STATEMENTS OF INCOME

For the years ended December 31, 2011 2010 2009

In thousands of dollars except per share amounts

Net Sales $6,080,788 $5,671,009 $5,298,668

Costs and Expenses:

Cost of sales 3,548,896 3,255,801 3,245,531

Selling, marketing and administrative 1,477,750 1,426,477 1,208,672

Business realignment and impairment (credits) charges, net (886) 83,433 82,875

Total costs and expenses 5,025,760 4,765,711 4,537,078

Income before Interest and Income Taxes 1,055,028 905,298 761,590

Interest expense, net 92,183 96,434 90,459

Income before Income Taxes 962,845 808,864 671,131

Provision for income taxes 333,883 299,065 235,137

Net Income $628,962 $509,799 $435,994

Net Income Per Share—Basic—Class B Common Stock $2.58 $2.08 $1.77

Net Income Per Share—Diluted—Class B Common Stock $2.56 $2.07 $1.77

Net Income Per Share—Basic—Common Stock $2.85 $2.29 $1.97

Net Income Per Share—Diluted—Common Stock $2.74 $2.21 $1.90

Cash Dividends Paid Per Share:

Common Stock $1.3800 $1.2800 $1.1900

Class B Common Stock 1.2500 1.1600 1.0712

.................................

Required

Based on the information contained in these financial statements, determine the normal balance for:

Tootsie Roll Industries Normal Balance The Hershey Company Normal Balance

(1) Accounts Receivable                     (1) Inventories

(2) Net Property, Plant, and Equipment (2) Provision for Income Taxes

(3) Accounts Payable                          (3) Accrued Liabilities

(4) Retained Earnings                         (4) Common Stock

(5) Net Product Sales                         (5) Interest Expense