($ thousands) Sales Cost of goods sold Gross profit Operating expenses Net income ($ thousands) Assets Cash Accounts receivable, net Merchandise inventory Other current assets Long-term investments Plant assets, net tel Total assets Comparative Income Statements For Years Ended December 31, 2021-2015 2019 $ 2,140 1,351 789 412 $ 377 2021 $ 2,685 1,931 754 574 $ 180 HAROUN COMPANY Liabilities and Equity Current liabilities Long-term liabilities. Common stock Other paid-in capital Retained earnings Total liabilities and equity 2020 $ 2,352 1,571 781 449 $ 332 2021 $ 148 1,066 3,858 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021-2015 2020 2019 99 0 4,721 $9,892 2,487 2,658 1,800 450 2,497 $9,892 $ 196 1,120 2,809 89 0 4,702 $ 8,916 2018 $ 1,961 1,183 778 304 $ 474 $ 2,092 2,315 1,800 450 2,259 $ 204 1,014 2,454 2017 $ 1,830 1,099 55 0 4,113 $ 7,840 731 263 $ 468 2018 $ 208 777 2,068 98 304 2,321 $ 5,776 2016 $ 1,702 1,028 674 260 $ 414 2017 $ 216 685 1,857 83 304 2,399 $ 5,544 $ 991 1,069 1,600 400 1,484 2015 $ 1,395 819 576 216 $360 2016 $ 213 649 1,577 84 304 2,133 $ 4,960 2015 $ 220 458 1,144 44 304 1,830 $ 4,000 $ 604 868 1,400 $ 1,142 $ 1,372 2,252 1,800 $ 937 1,157 1,046 1,600 1,400 450 400 350 1,966 1,588 1,116 $ 8,916 $ 7,840 $ 5,776 $ 5,544 $ 4,960 $ 4,000 350 778 Required: 1. Complete the below table to calculate the trend percents for all components of both statements using 2015 as the base year. 2. Refer to the results from part 1. (a) Did sales grow steadily over this period? (b) Did net income as a percent of sales grow over the past four years? (c) Did inventory increase over this period?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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($ thousands)
Sales
Cost of goods sold
Gross profit
Operating expenses
Net income
($ thousands)
Assets
Cash
Accounts receivable, net
Merchandise inventory
Other current assets
Long-term investments
Plant assets, net
Total assets
Liabilities and Equity
Current liabilities
Long-term liabilities
Common stock
Other paid-in capital
Retained earnings
Total liabilities and equity
HAROUN COMPANY
Comparative Income Statements
For Years Ended December 31, 2021-2015
2021
2019
$ 2,685
1,931
754
574
$ 180
Required 1
Comp IS
Required 1
Comp BS
Sales
Cost of goods sold
Gross profit
Operating expenses
Net income
Required 2
2021
2020
$ 2,352
1,571
781
449
$ 332
%
2021
%
$ 148
1,066
3,858
HAROUN COMPANY
Comparative Year-End Balance Sheets
December 31, 2021-2015
2020
2019
99
0
4,721
$9,892
2,487
2,658
1,800
450
2,497
$ 9,892
Complete this question by entering your answers in the tabs below.
$ 2,140
1,351
789
412
$ 377
$ 196
1,120
2,809
89
0
4,702
$ 8,916
$ 2,092
2,315
1,800
450
2,259
$ 8,916
%
%
2018
$ 1,961
1,183
778
304
$ 474
$ 204
1,014
2,454
55
0
4,113
$ 7,840
Income Statement Trends
For Years Ended December 31, 2021-2015
2020
2019
HAROUN COMPANY
%
%
$ 1,372
2,252
1,800
450
1,966
$ 7,840 $ 5,776
Required:
1. Complete the below table to calculate the trend percents for all components of both statements using 2015 as the base year.
2. Refer to the results from part 1. (a) Did sales grow steadily over this period? (b) Did net income as a percent of sales grow over the
past four years? (c) Did inventory increase over this period?
2017
$ 1,830
1,099
731
263
$ 468
2018
< Required 1 Comp IS
2018
%
$ 208
777
2,068
98
304
2,321
$5,776
%
$ 1,142
1,046
1,600
400
1,588
Complete the below table to calculate the trend percents for all components of comparative income statements using 2015 as the base year. (Round your
percentage answers to 1 decimal place.)
2017
2016
$ 1,702
1,028
%
674
260
$ 414
%
2017
$ 216
685
1,857
83
304
2,399
$ 5,544
$ 991
1,069
1,600
400
1,484
$ 5,544
2015
$ 1,395
819
576
216
$360
2016
2016
%
$ 213
649
1,577
84
304
2,133
$ 4,960
%
$ 937
1,157
1,400
350
1,116
$ 4,960
Required 1 Comp BS >
2015
$ 220
458
1,144
44
304
1,830
$ 4,000
2015
$ 604
868
1,400
350
778
$ 4,000
100.0 %
100.0
100.0
100.0
100.0 %
Transcribed Image Text:($ thousands) Sales Cost of goods sold Gross profit Operating expenses Net income ($ thousands) Assets Cash Accounts receivable, net Merchandise inventory Other current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Long-term liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2021-2015 2021 2019 $ 2,685 1,931 754 574 $ 180 Required 1 Comp IS Required 1 Comp BS Sales Cost of goods sold Gross profit Operating expenses Net income Required 2 2021 2020 $ 2,352 1,571 781 449 $ 332 % 2021 % $ 148 1,066 3,858 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021-2015 2020 2019 99 0 4,721 $9,892 2,487 2,658 1,800 450 2,497 $ 9,892 Complete this question by entering your answers in the tabs below. $ 2,140 1,351 789 412 $ 377 $ 196 1,120 2,809 89 0 4,702 $ 8,916 $ 2,092 2,315 1,800 450 2,259 $ 8,916 % % 2018 $ 1,961 1,183 778 304 $ 474 $ 204 1,014 2,454 55 0 4,113 $ 7,840 Income Statement Trends For Years Ended December 31, 2021-2015 2020 2019 HAROUN COMPANY % % $ 1,372 2,252 1,800 450 1,966 $ 7,840 $ 5,776 Required: 1. Complete the below table to calculate the trend percents for all components of both statements using 2015 as the base year. 2. Refer to the results from part 1. (a) Did sales grow steadily over this period? (b) Did net income as a percent of sales grow over the past four years? (c) Did inventory increase over this period? 2017 $ 1,830 1,099 731 263 $ 468 2018 < Required 1 Comp IS 2018 % $ 208 777 2,068 98 304 2,321 $5,776 % $ 1,142 1,046 1,600 400 1,588 Complete the below table to calculate the trend percents for all components of comparative income statements using 2015 as the base year. (Round your percentage answers to 1 decimal place.) 2017 2016 $ 1,702 1,028 % 674 260 $ 414 % 2017 $ 216 685 1,857 83 304 2,399 $ 5,544 $ 991 1,069 1,600 400 1,484 $ 5,544 2015 $ 1,395 819 576 216 $360 2016 2016 % $ 213 649 1,577 84 304 2,133 $ 4,960 % $ 937 1,157 1,400 350 1,116 $ 4,960 Required 1 Comp BS > 2015 $ 220 458 1,144 44 304 1,830 $ 4,000 2015 $ 604 868 1,400 350 778 $ 4,000 100.0 % 100.0 100.0 100.0 100.0 %
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