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    Tootsie Roll Industries

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    FINANCIAL REPORTING PROBLEM: Tootsie Roll Industries

    Refer to the financial statements of Tootsie Roll Industries


    Answer the following questions.

    (a) What were Tootsie Roll's total current liabilities at December 31, 2004? What was the
    increase/decrease in Tootsie Roll's total current liabilities from the prior year?

    (b) How much were the accounts payable at December 31, 2004?

    (c) What were the components of total current liabilities on December 31, 2004 (other
    than accounts payable already discussed above)?

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    Solution Summary

    The solution explains some caclulations relating to current liabilities.