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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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 %
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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