Evaluation of the consolidated financial statements

Reference no: EM131053632

1-For evaluation of the consolidated financial statements, the three most recent years are taken into consideration: financial years ending 2014, 2013 and 2012.

Balance of net property, plant and equipment are as follows:

Property, Plant & Equipment	31.12.2014	31.12.2013	31.12.2012
Land	22,360	21,683	21,687
Buildings	113,279	111,044	108,391
Machinery & Equipment	350,929	340,405	331,110
Construction in progress	1,641	3,403	2,539
Gross Property, Plant & Equipment	488,209	476,535	463,727
Less: Accumulated Depreciation	298,128	279,619	262,437
Net Property, Plant & Equipment	190,081	196,916	201,290

2-Analysis of the consolidated financial statements as well as the notes to the financial statements show that Tootsie Roll Industries, Inc. compute depreciation for financial reporting purposes by use of the straight-line method based on useful lives of 20 to 35 years for buildings and 5 to 20 years for machinery and equipment. Depreciation expense was $20,758, $20,050 and $19,925 in 2014, 2013 and 2012.

Reference no: EM131053632

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