please answer ($ thousands)SalesCost of goods soldGross profitOperating expensesNet income($ thousands)AssetsCashAccounts receivable, netMerchandise inventoryOther current assetsLong-term investmentsPlant assets, netTotal assetsLiabilities and EquityCurrent liabilitiesLong-term liabilitiesCommon stockOther paid-in capitalRetained earningsTotal liabilities and equityHAROUN COMPANYComparative Income StatementsFor Years Ended December 31, 2021-201520212019$ 2,6851,931754574$ 180Required 1Comp ISRequired 1Comp BSSalesCost of goods soldGross profitOperating expensesNet incomeRequired 220212020$ 2,3521,571781449$ 332%2021%$ 1481,0663,858HAROUN COMPANYComparative Year-End Balance SheetsDecember 31, 2021-2015202020199904,721$9,8922,4872,6581,8004502,497$ 9,892Complete this question by entering your answers in the tabs below.$ 2,1401,351789412$ 377$ 1961,1202,8098904,702$ 8,916$ 2,0922,3151,8004502,259$ 8,916%%2018$ 1,9611,183778304$ 474$ 2041,0142,4545504,113$ 7,840Income Statement TrendsFor Years Ended December 31, 2021-201520202019HAROUN COMPANY%%$ 1,3722,2521,8004501,966$ 7,840 $ 5,776Required: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 thepast four years? (c) Did inventory increase over this period?2017$ 1,8301,099731263$ 4682018< Required 1 Comp IS2018%$ 2087772,068983042,321$5,776%$ 1,1421,0461,6004001,588Complete the below table to calculate the trend percents for all components of comparative income statements using 2015 as the base year. (Round yourpercentage answers to 1 decimal place.)20172016$ 1,7021,028%674260$ 414%2017$ 2166851,857833042,399$ 5,544$ 9911,0691,6004001,484$ 5,5442015$ 1,395819576216$36020162016%$ 2136491,577843042,133$ 4,960%$ 9371,1571,4003501,116$ 4,960Required 1 Comp BS >2015$ 2204581,144443041,830$ 4,0002015$ 6048681,400350778$ 4,000100.0 %100.0100.0100.0100.0 %

Percentage has been calculated by using 2015 as base year.

($ 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?

16th Edition

ISBN:9781337909730

Author:Brigham

Publisher:Brigham

Chapter2: Financial Statements, Cash Flow,and Taxes

Section: Chapter Questions

Problem 1Q: Define each of the following terms: Annual report; balance sheet; income statement Common...