Question
Problem 17-1A Calculating and analyzing trend percents LO P1 Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended
Problem 17-1A Calculating and analyzing trend percents LO P1 Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 20192013 ($ thousands) 2019 2018 2017 2016 2015 2014 2013 Sales $ 1,548 $ 1,356 $ 1,233 $ 1,130 $ 1,055 $ 981 $ 804 Cost of goods sold 1,113 905 779 682 633 592 472 Gross profit 435 451 454 448 422 389 332 Operating expenses 332 260 238 176 152 150 125 Net income $ 103 $ 191 $ 216 $ 272 $ 270 $ 239 $ 207 HAROUN COMPANY Comparative Balance Sheets December 31, 20192013 ($ thousands) 2019 2018 2017 2016 2015 2014 2013 Assets Cash $ 111 $ 147 $ 153 $ 156 $ 162 $ 160 $ 165 Accounts receivable, net 800 840 760 583 514 487 343 Merchandise inventory 2,893 2,106 1,840 1,551 1,393 1,183 858 Other current assets 74 67 41 74 62 63 33 Long-term investments 0 0 0 228 228 228 228 Plant assets, net 3,541 3,527 3,086 1,740 1,799 1,599 1,373 Total assets $ 7,419 $ 6,687 $ 5,880 $ 4,332 $ 4,158 $ 3,720 $ 3,000 Liabilities and Equity Current liabilities $ 1,865 $ 1,569 $ 1,029 $ 856 $ 743 $ 703 $ 453 Long-term liabilities 1,993 1,736 1,689 784 801 868 651 Common stock 1,350 1,350 1,350 1,200 1,200 1,050 1,050 Other paid-in capital 338 338 338 300 300 263 263 Retained earnings 1,873 1,694 1,474 1,192 1,114 836 583 Total liabilities and equity $ 7,419 $ 6,687 $ 5,880 $ 4,332 $ 4,158 $ 3,720 $ 3,000 Required: 1. Complete the below table to calculate the trend percents for all components of both statements using 2013 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 the below table to calculate the trend percents for all components of comparative income statements using 2013 as the base year. (Round your percentage answers to 1 decimal place.)
Sales
Cost of goods sold
Gross profit
Operating Expenses
Net Income
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