Journalize the adjusting entries on May 31. (Credit account
titles are automatically indented when the amount is entered.
Do not indent manually.)
Prepare a ledger using T-accounts. Enter the trial balance
amounts and post the adjusting entries. (Post entries in the
order of journal entries presented in the previous question.)
Prepare an adjusted trial balance on May 31.
Prepare an income statement for the month of May.
Prepare a retained earnings statement for the month of May.
Prepare a classified balance sheet at May 31. (List current
assets in order of liquidity. List Property, Plant and Equipment
in order of Land, Buildings and Equipment .)
Question 3
The financial statements of Tootsie Roll are presented below.
What was the amount of depreciation expense for 2011 and
2010? (You will need to examine the notes to the financial
statements or the statement of cash flows.) (Enter amounts in
thousands.)
What was the cash paid for income taxes during 2011, reported
at the bottom of the consolidated statement of cash flows? What
was income tax expense (provision for income taxes) for 2011?
(Enter amounts in thousands.)