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Selected comparative financial statements of Haroun Company follow. ($ 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 Comparative Income Statements For Years Ended December 31, 2021-2015 2021 2019 $ 2,133 1,533 600 457 $ 143 HAROUN COMPANY Liabilities and Equity Current liabilities Long-term liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2020 $ 1,868 1,247 621 357 $ 264 2021 $ 119 853 3,086 79 0 3,777 $ 7,914 $ 1,700 1,073 627 328 1,989 2,125 1,440 360 2,000 $ 7,914 $ 299 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021-2015 2020 2019 2018 $ 1,558 939 619 242 $ 377 $ 157 896 2,247 71 0 3,762 $ 7,133 $ 163 811 1,963 0 3,291 $ 6,272 2017 $ 1,454 872 $ 1,097 1,801 1,440 582 210 $ 372 2018 $ 166 622 1,654 79 243 1,857 $ 4,621 $ 913 836 1,280 320 1,272 2016 $ 1,352 816 536 207 $ 329 2017 $ 173 548 1,486 67 243 1,918 $ 4,435 $792 854 1,280 320 1,189 2015 $ 1,108 650 458 172 $ 286 2016 $ 171 519 1,262 $ 1,673 1,851 1,440 360 360 1,809 1,574 $ 7,133 $ 6,272 $ 4,621 $ 4,435 $ 3,968 67 243 1,706 $ 3,968 $749 925 1,120 280 894 2015 $ 176 366 915 35 243 1,465 $ 3,200 $ 483 694 1,120 280 623 $ 3,200 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?

Selected comparative financial statements of Haroun Company follow. ($ 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 Comparative Income Statements For Years Ended December 31, 2021-2015 2021 2019 $ 2,133 1,533 600 457 $ 143 HAROUN COMPANY Liabilities and Equity Current liabilities Long-term liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2020 $ 1,868 1,247 621 357 $ 264 2021 $ 119 853 3,086 79 0 3,777 $ 7,914 $ 1,700 1,073 627 328 1,989 2,125 1,440 360 2,000 $ 7,914 $ 299 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021-2015 2020 2019 2018 $ 1,558 939 619 242 $ 377 $ 157 896 2,247 71 0 3,762 $ 7,133 $ 163 811 1,963 0 3,291 $ 6,272 2017 $ 1,454 872 $ 1,097 1,801 1,440 582 210 $ 372 2018 $ 166 622 1,654 79 243 1,857 $ 4,621 $ 913 836 1,280 320 1,272 2016 $ 1,352 816 536 207 $ 329 2017 $ 173 548 1,486 67 243 1,918 $ 4,435 $792 854 1,280 320 1,189 2015 $ 1,108 650 458 172 $ 286 2016 $ 171 519 1,262 $ 1,673 1,851 1,440 360 360 1,809 1,574 $ 7,133 $ 6,272 $ 4,621 $ 4,435 $ 3,968 67 243 1,706 $ 3,968 $749 925 1,120 280 894 2015 $ 176 366 915 35 243 1,465 $ 3,200 $ 483 694 1,120 280 623 $ 3,200 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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required 1 Required 1 Comp IS Comp BS Complete the below table to calculate the trend percents for all components of comparative balance sheets using 2015 as the base year. Note: Round your percentage answers to 1 decimal place. 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 & equity Required 1 Comp IS Required 2 2021 Required 1 Comp BS % % % % 2020 HAROUN COMPANY Balance Sheet Trends December 31, 2021-2015 % 2019 % % % % 2018 (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? % < Required 1 Comp BS % % < Required 1 Comp IS % 2017 % % % % 2016 Required 2 Required 2 > % % % % 2015 Required 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? 100.0 % 100.0 100.0 100.0 100.0 100.0 100.0 % 100.0 % 100.0 100.0 100.0 100.0 100.0 %
Transcribed Image Text:Required 1 Required 1 Comp IS Comp BS Complete the below table to calculate the trend percents for all components of comparative balance sheets using 2015 as the base year. Note: Round your percentage answers to 1 decimal place. 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 & equity Required 1 Comp IS Required 2 2021 Required 1 Comp BS % % % % 2020 HAROUN COMPANY Balance Sheet Trends December 31, 2021-2015 % 2019 % % % % 2018 (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? % < Required 1 Comp BS % % < Required 1 Comp IS % 2017 % % % % 2016 Required 2 Required 2 > % % % % 2015 Required 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? 100.0 % 100.0 100.0 100.0 100.0 100.0 100.0 % 100.0 % 100.0 100.0 100.0 100.0 100.0 %
Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2021-2015 2019 ($ 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 Required 1 Comp IS 2021 $ 2,133 1,533 Required 1 Comp BS 600 457 $ 143 Sales Cost of goods sold Gross profit Operating expenses Net income 2021 2020 $ 1,868 1,247 621 357 $ 264 % % 2021 $ 119 853 3,086 79 0 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021-2015 2020 2019 3,777 $ 7,914 $ 1,700 1,073 627 328 $ 299 Complete this question by entering your answers in the tabs below. $ 157 896 2,247 71 0 3,762 $ 7,133 % % 2018 $ 1,558 939 619 242 $ 377 $ 163 811 1,963 $ 1,097 1,989 2,125 1,440 $ 1,673 1,851 1,440 1,801 1,440 360 360 1,809 360 1,574 2,000 $ 7,914 $ 7,133 $ 6,272 $ 4,621 2019 0 3,291 $ 6,272 % % 2017 $ 1,454 872 582 210 $ 372 2018 % $ 166 622 1,654 79 243 1,857 $ 4,621 % $913 836 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? 1,280 320 1,272 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. HAROUN COMPANY Income Statement Trends For Years Ended December 31, 2021-2015 2020 2018 2017 % 2016 $ 1,352 816 536 207 $ 329 se 2017 % $ 173 548 1,486 67 243 1,918 $ 4,435 $ 792 854 1,280 320 1,189 $ 4,435 2015 $ 1,108 650 458 172 $ 286 2016 2016 % $ 171 519 1,262 67 243 1,706 $ 3,968 % $ 749 925 1,120 280 894 $ 3,968 2015 $ 176 366 915 35 243 1,465 $ 3,200 2015 $ 483 694 1,120 280 623 $ 3,200 100.0 % 100.0 100.0 100.0 100.0 %
Transcribed Image Text:Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2021-2015 2019 ($ 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 Required 1 Comp IS 2021 $ 2,133 1,533 Required 1 Comp BS 600 457 $ 143 Sales Cost of goods sold Gross profit Operating expenses Net income 2021 2020 $ 1,868 1,247 621 357 $ 264 % % 2021 $ 119 853 3,086 79 0 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021-2015 2020 2019 3,777 $ 7,914 $ 1,700 1,073 627 328 $ 299 Complete this question by entering your answers in the tabs below. $ 157 896 2,247 71 0 3,762 $ 7,133 % % 2018 $ 1,558 939 619 242 $ 377 $ 163 811 1,963 $ 1,097 1,989 2,125 1,440 $ 1,673 1,851 1,440 1,801 1,440 360 360 1,809 360 1,574 2,000 $ 7,914 $ 7,133 $ 6,272 $ 4,621 2019 0 3,291 $ 6,272 % % 2017 $ 1,454 872 582 210 $ 372 2018 % $ 166 622 1,654 79 243 1,857 $ 4,621 % $913 836 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? 1,280 320 1,272 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. HAROUN COMPANY Income Statement Trends For Years Ended December 31, 2021-2015 2020 2018 2017 % 2016 $ 1,352 816 536 207 $ 329 se 2017 % $ 173 548 1,486 67 243 1,918 $ 4,435 $ 792 854 1,280 320 1,189 $ 4,435 2015 $ 1,108 650 458 172 $ 286 2016 2016 % $ 171 519 1,262 67 243 1,706 $ 3,968 % $ 749 925 1,120 280 894 $ 3,968 2015 $ 176 366 915 35 243 1,465 $ 3,200 2015 $ 483 694 1,120 280 623 $ 3,200 100.0 % 100.0 100.0 100.0 100.0 %
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