Answer each of the following questions. CONSOLIDATED STATE

Answer each of the following questions. CONSOLIDATED STATEMENTS OF Earnings Comprehensive Earnings and Retained Earnings (in thousands except per share data) Financial Position TOOTSIE ROLL INDUSTRIES INC. AND SUBSIDIARIES (in thousands except per share data) CONSOLIDATED STATEMENTS OF Cash Flows (in thousands) TOOTISE ROLL. INDUSTRY INC. AND SUBSIDIARIES (Thousands of dollars except per share percentage and ratio figures) Notes to Consolidated Financial Statements ($ in thousands) Revenue recognition: Products are sold to customers based on accepted purchase orders which include quantity sales price and other relevant terms of sale. Revenue net of applicable provisions for discounts returns allowances and certain advertising and promotional costs is recognized when products are delivered to customers and collectability is reasonably assured. Shipping and handling costs of $45850 $43034 and $38628 in 2011 2010 and 2009 respectively are included in selling marketing and administrative expenses. Accounts receivable are unsecured. Revenues from a major customer aggregated approximately 23.3% 21.4% and 22.9% of net product sales during the years ended December 31 2011 2010 and 2009 respectively. Calculate the accounts receivable turnover and average collection period for 2011. (Use Net Product Sales. Assume all sales were credit sales.)(Round answers to 1 decimal place e.g. 15.2.) CONSOLIDATED STATEMENTS OF INCOME CONSOLIDATED BALANCE SHEETS CONSOLIDATED STATEMENTS OF CASH FLOWS CONSOLIDATED STATEMENTS OF Earnings Comprehensive Earnings and Retained Earnings (in thousands except per share data) Financial Position TOOTSIE ROLL INDUSTRIES INC. AND SUBSIDIARIES (in thousands except per share data) CONSOLIDATED STATEMENTS OF Cash Flows (in thousands) Based on the information contained in these financial statements compute the following 2011 values for each company.(Round answers to 1 decimal place e.g. 15.2.)

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