Wileyplus Assignment Week 1 Assignment 1

Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014. Accounts payable 9,940 16,880 Accounts receivable 6,940 Rent expense 14,940 Advertising expense 4,130 ? Cash 8,040 34,880 Common stock 19,940 Supplies 6,840 Dividends 7,440 1,570 Equipment 31,740 MARSH CORPORATION Income Statement For the Year Ended December 31, 2014 Revenues Service revenue 34,880 Expenses Rent Expense 14,940 Advertising Expense 4,130 Supplies Expense 1,570 Total Expenses 20,640 Net Income $14,240.00 MARSH CORPORATION Retained Earnings Statement For the Year Ended December 31, 2014 Retained earnings, Jan 10 Add: Net Income 14,240 14,240 Less: Dividends 7,440 Retained earnings, Dec 31 6,800 MARSH CORPORATION Balance Sheet 31-Dec-14 Assets Cash 8,040 Accounts receivable 6,940 Supplies 6,840 Equipment 31,740 Total assets $53,560.00 Liabilities and Stockholders' Equity Liabilities Notes payable 16880 Account payable 9940 Total liabilities 26820 Stockholder's equity Common stock 19,940 Retained earnings 6,800 Total stockholders' equity 26,740 Total liabilities and equity 53,560 Notes payable Retained earnings

FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)Accounts receivable turnovertimesThe average collection period for 2014daysBroadening Your Perspective 8-1Your answer is correct.The ±nancial statements of Tootsie Rollare presented below.TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFEarnings, Comprehensive Earnings and Retained Earnings (in thousands except per sharedata)For the year ended December 31,201120102009Net product sales$528,369$517,149$495,592Rental and royalty revenue4,1364,2993,739Total revenue532,505521,448499,331Product cost of goods sold365,225349,334319,775Rental and royalty cost1,0381,088852Total costs366,263350,422320,627Product gross margin163,144167,815175,817Rental and royalty gross margin3,0983,2112,887Total gross margin166,242171,026178,704Selling, marketing and administrative expenses108,276106,316103,755Impairment charges——14,000Earnings from operations57,96664,71060,949Other income (expense), net2,9468,3582,100Earnings before income taxes60,91273,06863,049Provision for income taxes16,97420,0059,892Net earnings$43,938$53,063$53,157Net earnings$43,938$53,063$53,157Other comprehensive earnings (loss)(8,740)1,1832,845Comprehensive earnings$35,198$54,246$56,002Retained earnings at beginning of year.$135,866$147,687$144,949Net earnings43,93853,06353,157Cash 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$147,687Earnings per share$0.76$0.90$0.89Average Common and Class B Common shares outstanding57,89258,68559,425(The accompanying notes are an integral part of these statements.)CONSOLIDATED STATEMENTS OFFinancial PositionTOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)AssetsDecember 31,20112010CURRENT ASSETS:Cash and cash equivalents$78,612$115,976Investments10,8957,996Accounts receivable trade, less allowances of $1,731 and $1,53141,89537,3949.2039.6

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