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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? Complete this question by entering your answers in the tabs below.

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? Complete this question by entering your answers in the tabs below.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2021-2015 ($ thousands) Sales 2021 Cost of goods sold Gross profit $ 1,769 1,271 498 2020 $ 1,549 2019 2018 2017 2016 2015 $ 1,410 $ 1,292 $ 1,206 $ 1,121 $ 919 1,034 889 778 723 676 539 Operating expenses 377 515 295 521 514 483 445 380 271 200 173 171 142 Net income $ 121 $ 220 $ 250 $ 314 $ 310 $ 274 $ 238 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021-2015 ($ thousands) Assets Cash Accounts receivable, net Merchandise inventory Other current assets Long-term investments Plant assets, net Total assets Liabilities and Equity 2021 2020 2019 2018 2017 2016 2015 $ 108 773 2,797 72 $ 142 812 2,036 65 $ 148 735 1,779 $ 151 564 1,499 $ 157 496 $ 155 $ 160 470 332 1,346 1,144 829 8 3,422 3,409 40 В 2,982 71 220 60 61 32 1,683 220 1,740 220 220 1,546 1,327 $ 7,172 $ 6,464 $ 5,684 $ 4,188 $ 4,019 $ 3,596 $ 2,900 Current liabilities 1,804 Long-term liabilities 1,926 Common stock 1,305 $ 1,517 1,678 1,305 $ 995 1,632 1,305 $ 828 758 1,160 Other paid-in capital Retained earnings 326 1,811 326 1,638 326 1,426 290 1,152 $ 718 774 1,160 290 1,077 $ 679 838 $ 438 629 1,015 1,015 254 810 254 564 Total liabilities and equity $ 7,172 $ 6,464 $ 5,684 $ 4,188 $ 4,019 $ 3,596 $ 2,900
Transcribed Image Text:Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2021-2015 ($ thousands) Sales 2021 Cost of goods sold Gross profit $ 1,769 1,271 498 2020 $ 1,549 2019 2018 2017 2016 2015 $ 1,410 $ 1,292 $ 1,206 $ 1,121 $ 919 1,034 889 778 723 676 539 Operating expenses 377 515 295 521 514 483 445 380 271 200 173 171 142 Net income $ 121 $ 220 $ 250 $ 314 $ 310 $ 274 $ 238 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021-2015 ($ thousands) Assets Cash Accounts receivable, net Merchandise inventory Other current assets Long-term investments Plant assets, net Total assets Liabilities and Equity 2021 2020 2019 2018 2017 2016 2015 $ 108 773 2,797 72 $ 142 812 2,036 65 $ 148 735 1,779 $ 151 564 1,499 $ 157 496 $ 155 $ 160 470 332 1,346 1,144 829 8 3,422 3,409 40 В 2,982 71 220 60 61 32 1,683 220 1,740 220 220 1,546 1,327 $ 7,172 $ 6,464 $ 5,684 $ 4,188 $ 4,019 $ 3,596 $ 2,900 Current liabilities 1,804 Long-term liabilities 1,926 Common stock 1,305 $ 1,517 1,678 1,305 $ 995 1,632 1,305 $ 828 758 1,160 Other paid-in capital Retained earnings 326 1,811 326 1,638 326 1,426 290 1,152 $ 718 774 1,160 290 1,077 $ 679 838 $ 438 629 1,015 1,015 254 810 254 564 Total liabilities and equity $ 7,172 $ 6,464 $ 5,684 $ 4,188 $ 4,019 $ 3,596 $ 2,900
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? Complete this question by entering your answers in the tabs below. Required 1 Comp IS Required 1 Comp BS Required 2 Complete the below table to calculate the trend percents for all components of comparative income statements using 2015 as the base year. Note: Round your percentage answers to 1 decimal place. Sales Cost of goods sold Gross profit Operating expenses Net income HAROUN COMPANY Income Statement Trends For Years Ended December 31, 2021-2015 2021 2020 2019 2018 2017 2016 2015 % 96 % 96 96 96 100.0 % 100.0 100.0 100.0 % 96 % 96 96 % 100.0 %
Transcribed Image Text: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? Complete this question by entering your answers in the tabs below. Required 1 Comp IS Required 1 Comp BS Required 2 Complete the below table to calculate the trend percents for all components of comparative income statements using 2015 as the base year. Note: Round your percentage answers to 1 decimal place. Sales Cost of goods sold Gross profit Operating expenses Net income HAROUN COMPANY Income Statement Trends For Years Ended December 31, 2021-2015 2021 2020 2019 2018 2017 2016 2015 % 96 % 96 96 96 100.0 % 100.0 100.0 100.0 % 96 % 96 96 % 100.0 %
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