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 Liabilities and Equity Current liabilities Long-term liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity For 2021 $ 2,547 1,832 715 544 $ 171 Required 1 Comp IS HAROUN COMPANY Comparative Income Statements Years Ended December 31, 2021-2015 2020 2018 $ 1,860 1,122 738 288 $ 2,231 1,490 741 426 2019 $ 2,029 1,282 747 391 $315 $ 356 $ 450 Required 1 Comp BS HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021-2015 2020 2019 2021 Required 2 $ 122 880 3,183 82 0 3,894 $ 8,161 2,051 2,192 1,485 371 2,062 $ 8,161 $ 162 924 2,317 74 0 3,879 $7,356 $ 1,725 1,910 1,485 371 1,865 $ 7,356 $ 168 836 2,024 45 0 3,395 $ 6,468 Complete this question by entering your answers in the tabs below. $ 1,131 1,858 1,485 371 1,623 $6,468 2017 $ 1,736 1,043 693 250 $ 443 2018 $ 172 641 1,706 81 251 1,914 $ 4,765 2016 $ 1,614 975 639 247 $ 392 2017 $ 178 565 1,532 69 251 1,979 $4,574 $941 863 1,320 1,320 330 330 1,311 1,226 $4,765 $ 4,574 $817 881 2015 $ 1,323 777 546 205 $ 341 2016 $ 176 535 1,301 70 251 1,759 $ 4,092 $772 954 1,155 289 922 $ 4,092 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? 2015 $182 378 944 36 251 1,509 $3,300 $ 498 716 1,155 289 642 $ 3,300
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 Liabilities and Equity Current liabilities Long-term liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity For 2021 $ 2,547 1,832 715 544 $ 171 Required 1 Comp IS HAROUN COMPANY Comparative Income Statements Years Ended December 31, 2021-2015 2020 2018 $ 1,860 1,122 738 288 $ 2,231 1,490 741 426 2019 $ 2,029 1,282 747 391 $315 $ 356 $ 450 Required 1 Comp BS HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021-2015 2020 2019 2021 Required 2 $ 122 880 3,183 82 0 3,894 $ 8,161 2,051 2,192 1,485 371 2,062 $ 8,161 $ 162 924 2,317 74 0 3,879 $7,356 $ 1,725 1,910 1,485 371 1,865 $ 7,356 $ 168 836 2,024 45 0 3,395 $ 6,468 Complete this question by entering your answers in the tabs below. $ 1,131 1,858 1,485 371 1,623 $6,468 2017 $ 1,736 1,043 693 250 $ 443 2018 $ 172 641 1,706 81 251 1,914 $ 4,765 2016 $ 1,614 975 639 247 $ 392 2017 $ 178 565 1,532 69 251 1,979 $4,574 $941 863 1,320 1,320 330 330 1,311 1,226 $4,765 $ 4,574 $817 881 2015 $ 1,323 777 546 205 $ 341 2016 $ 176 535 1,301 70 251 1,759 $ 4,092 $772 954 1,155 289 922 $ 4,092 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? 2015 $182 378 944 36 251 1,509 $3,300 $ 498 716 1,155 289 642 $ 3,300
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
Liabilities and Equity
Current liabilities
Long-term liabilities
For
2021
$ 2,547
1,832
Common stock
Other paid-in capital
Retained earnings
Total liabilities and equity
715
544
$ 171
HAROUN COMPANY
Comparative Income Statements
Years Ended December 31, 2021-2015
2020
2018
$ 1,860
1,122
2019
$ 2,029
1,282
747
391
738
288
$ 356
$ 450
$ 2,231
1,490
741
426
$ 315
2021
Required 2
HAROUN COMPANY
Comparative Year-End Balance Sheets
December 31, 2021-2015
2020
2019
$ 122
880
3,183
82
0
3,894
$ 8,161
2,051
2,192
1,485
371
2,062
$ 8,161
$ 162
924
2,317
74
0
3,879
$ 7,356
$ 1,725
1,910
1,485
371
1,865
$ 7,356
$ 168
836
2,024
45
0
3,395
$ 6,468
$ 1,131
1,858
1,485
371
1,623
$ 6,468
2017
$1,736
1,043
Complete this question by entering your answers in the tabs below.
693
250
$443
2018
$ 172
641
1,706
81
251
1,914
$4,765
$ 941
863
1,320
330
1,311
$ 4,765
2016
$ 1,614
975
639
247
$ 392
2017
$ 178
565
1,532
69
251
1,979
$4,574
$ 817
881
1,320
330
1,226
$4.574
2015
$ 1,323
777
546
205
$ 341
2016
$ 176
535
1,301
70
251
1,759
$4,092
$ 772
954
1,155
289
922
$ 4,092
2015
$182
378
944
36
251
1,509
$ 3,300
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?
$ 498
716
1,155
289
642
$ 3,300
Required 1
Required 1
Comp BS
Comp IS
Complete the below table to calculate the trend percents for all components of comparative income statements using 2015 as the base year.
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