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