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Selected comparative financial statements of Haroun Company follow. pints Skipped ($ thousands) Sales Cost of goods sold Gross profit Operating expenses Net income HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2019-2013 2019 2018 2017 2016 $1,733 $1,517 $1,381 $1,265 1,245 1,013 871 762 488 504 510 503 372 291 267 197 $ 116 $ 213 $ 243 $ 306 2015 $1,181 709 472 171 2014 2013 $1,098 $ 900 663 528 3.72 168 140 435 $ 301 267 $ 232 eBook HAROUN COMPANY Comparative Balance Sheets December 31, 2019-2013 2019 2018 2017 2016 2015 2014 2013 93 667 2,411 62 0 2,950 $6,183 $ 123 700 1,755 56 0 2,939 $5,573 $ 127 634 1,534 34 ($ 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 130 486 1,292 61 190 1,451 $3,610 $ 135 428 1,161 52 190 1,499 $3,465 133 405 986 53 $ 138 286 715 28 198 1,143 $2,500 190 0 2,571 $4,900 1,333 $3,100 620 TA $1,557 1,663 1,125 281 1,557 $6,183 $1,309 1,448 1,125 281 1,410 $5,573 $ 859 1,409 1,125 281 1, 226 $4,900 714 654 1,000 250 992 $3,610 $ 668 1,000 250 927 $3,465 586 724 875 219 696 378 543 875 219 485 $3,100 $2,500 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? (6) 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. kipped 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? (0) Did inventory increase over this period? eBook 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 2013 as the base year. (Round your percentage answers to 1 decimal place.) HAROUN COMPANY Income Statement Trends For Years Ended December 31, 2019-2013 2018 2017 2016 2015 2019 2014 2013 % % % % % % 100.0% 100.0 Sales Cost of goods sold Gross profit Operating expenses 100.0 100.0 Net income % % % % 100.0% kesepi Required 1 Comp BS > 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 balance sheets using 2013 as the base year. (Round your percentage answers to 1 decimal place.) HAROUN COMPANY Balance Sheet Trends December 31, 2019-2013 2019 2018 2017 2016 2015 2014 2013 Assets Cash % % % % % % 100.0% 100.0 Accounts receivable, net Merchandise inventory 100.0 100.0 Other current assets 100.0 Long-term investments 100.0 Plant assets, net % % % Total assets 100.0 % Liabilities and Equity % % % % % Current liabilities 100.0 % 100.0 Long-term liabilities 100.0 Common stock 100.0 100.0 Other paid-in capital Retained earnings Total liabilities & equity % 100.0 % % Required lamp IS. Required2) Prey 1 of 9 Next > Total liabilities and equity $6,183 $5,573 $4,900 $ 3,610 $3,465 $3,100 $2,500 eBook 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? (0) 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 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? (a) Did sales grow steadily over this period? Did net income as a percent of sales grow over the past four years? Did inventory increase over this period? (C) 2 Required information [The following information applies to the questions displayed below.] Part 1 of 4 Selected comparative financial statements of Korbin Company follow. 10 points Skipped KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 538,907 $ 412,847 $ 286,500 Cost of goods sold 324,422 258, 442 183,360 Gross profit 214,485 154,405 103,140 Selling expenses 76,525 56,973 37,818 Administrative expenses 48,502 36,331 23,780 Total expenses 125,027 93,304 61,598 Income before taxes 89,458 61,101 41,542 Income tax expense 16,639 12,526 8,433 Net income $ 72,819 $ 48,575 $ 33,109 eBook 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 63,505 $ 42,504 Long-term investments 0 700 Plant assets, net 116,142 106,028 Total assets $ 179,647 $ 149,232 Liabilities and Equity Current liabilities $ 26,228 $ 22,236 Common stock 69,000 69,000 Other paid-in capital 8,625 8,625 Retained earnings 75,794 49,371 Total liabilities and equity $ 179,647 $ 149,232 $ 56,818 3,600 63,221 $ 123,639 $ 21,637 51,000 5,667 45,335 $ 123,639 Required: 1. Complete the below table to calculate each year's current ratio. points 63,505 $ 42,504 700 106,028 $ 149,232 Skipped 116, 142 $ 179,647 $ 56,818 3,600 63,221 $ 123,639 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 22, 236 69,000 eBook $ 26, 228 69,000 8,625 75,794 $ 179,647 8,625 $ 21,637 51,000 5,667 45,335 $ 123,639 49,371 $ 149,232 Required: 1. Complete the below table to calculate each year's current ratio Current Ratio Choose Denominator: Choose Numerator: 1 1 Current ratio Current ratio 7 2019 2018 0 to 1 0 to 1 1 2017 / 0 to 1 Skipped Common stock Other paid-in capital Retained earnings Total liabilities and equity 69,000 8,625 75,794 $ 179,647 69,000 8,625 49,371 $ 149,232 51,000 5,667 45,335 $ 123,639 eBook 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2017 % KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % % Mc Graw Hill 6 Plum Corporation began the month of May with $1,500,000 of current assets, a current ratio of 1.90.1, and an acid-test ratio of 1.60:1. During the month, it completed the following transactions (the company uses a perpetual inventory system) May 10 points 2 Purchased $80,000 of merchandise inventory on credit. 8 Sold merchandise inventory that cost $50,000 for $120,000 cash. 10 Collected $24,000 cash on an account receivable. 15 Paid $30,000 cash to settle an account payable. 17 Wrote off a $5,000 bad debt against the Allowance for Doubtful Accounts account. 22 Declared a $1 per share cash dividend on its 60,000 shares of outstanding common stock. 26 Paid the dividend declared on May 22. 27 Borrowed $95,000 cash by giving the bank a 30-day, 10% note. 28 Borrowed $105,000 cash by signing a long-term secured note. 29 Used the $200,000 cash proceeds from the notes to buy new machinery. eBook Required: Complete the table below showing Plum's (1) current ratio, (2) acid-test ratio, and (3) working capital after each transaction. (Do not round intermediate calculations. Round your ratios to 2 decimal places and the working capitals to nearest dollar amount. Subtracted amount should be indicated with a minus sign.) con=con&external_browser=0&launchUrl=https%253A%252F%252Fcrowder.blackboard.com%25 13: Homework Saved 6 Transaction Current Assets Quick Assets Current Liabilities Current Ratio Acid-Test Ratio Working Capital $ Beginning May 2 1,500,000 $ 1,263,158 $ 789,474 1.90 1.60 $ 710,526 ts Balance May 8 eBook Balance May 10 Balance May 15 Balance May 17 Balance May 22 Balance May 26 Balance May 27 Balance May 28 Balance May 29 Balance Selected comparative financial statements of Haroun Company follow. pints Skipped ($ thousands) Sales Cost of goods sold Gross profit Operating expenses Net income HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2019-2013 2019 2018 2017 2016 $1,733 $1,517 $1,381 $1,265 1,245 1,013 871 762 488 504 510 503 372 291 267 197 $ 116 $ 213 $ 243 $ 306 2015 $1,181 709 472 171 2014 2013 $1,098 $ 900 663 528 3.72 168 140 435 $ 301 267 $ 232 eBook HAROUN COMPANY Comparative Balance Sheets December 31, 2019-2013 2019 2018 2017 2016 2015 2014 2013 93 667 2,411 62 0 2,950 $6,183 $ 123 700 1,755 56 0 2,939 $5,573 $ 127 634 1,534 34 ($ 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 130 486 1,292 61 190 1,451 $3,610 $ 135 428 1,161 52 190 1,499 $3,465 133 405 986 53 $ 138 286 715 28 198 1,143 $2,500 190 0 2,571 $4,900 1,333 $3,100 620 TA $1,557 1,663 1,125 281 1,557 $6,183 $1,309 1,448 1,125 281 1,410 $5,573 $ 859 1,409 1,125 281 1, 226 $4,900 714 654 1,000 250 992 $3,610 $ 668 1,000 250 927 $3,465 586 724 875 219 696 378 543 875 219 485 $3,100 $2,500 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? (6) 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. kipped 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? (0) Did inventory increase over this period? eBook 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 2013 as the base year. (Round your percentage answers to 1 decimal place.) HAROUN COMPANY Income Statement Trends For Years Ended December 31, 2019-2013 2018 2017 2016 2015 2019 2014 2013 % % % % % % 100.0% 100.0 Sales Cost of goods sold Gross profit Operating expenses 100.0 100.0 Net income % % % % 100.0% kesepi Required 1 Comp BS > 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 balance sheets using 2013 as the base year. (Round your percentage answers to 1 decimal place.) HAROUN COMPANY Balance Sheet Trends December 31, 2019-2013 2019 2018 2017 2016 2015 2014 2013 Assets Cash % % % % % % 100.0% 100.0 Accounts receivable, net Merchandise inventory 100.0 100.0 Other current assets 100.0 Long-term investments 100.0 Plant assets, net % % % Total assets 100.0 % Liabilities and Equity % % % % % Current liabilities 100.0 % 100.0 Long-term liabilities 100.0 Common stock 100.0 100.0 Other paid-in capital Retained earnings Total liabilities & equity % 100.0 % % Required lamp IS. Required2) Prey 1 of 9 Next > Total liabilities and equity $6,183 $5,573 $4,900 $ 3,610 $3,465 $3,100 $2,500 eBook 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? (0) 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 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? (a) Did sales grow steadily over this period? Did net income as a percent of sales grow over the past four years? Did inventory increase over this period? (C) 2 Required information [The following information applies to the questions displayed below.] Part 1 of 4 Selected comparative financial statements of Korbin Company follow. 10 points Skipped KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 538,907 $ 412,847 $ 286,500 Cost of goods sold 324,422 258, 442 183,360 Gross profit 214,485 154,405 103,140 Selling expenses 76,525 56,973 37,818 Administrative expenses 48,502 36,331 23,780 Total expenses 125,027 93,304 61,598 Income before taxes 89,458 61,101 41,542 Income tax expense 16,639 12,526 8,433 Net income $ 72,819 $ 48,575 $ 33,109 eBook 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 63,505 $ 42,504 Long-term investments 0 700 Plant assets, net 116,142 106,028 Total assets $ 179,647 $ 149,232 Liabilities and Equity Current liabilities $ 26,228 $ 22,236 Common stock 69,000 69,000 Other paid-in capital 8,625 8,625 Retained earnings 75,794 49,371 Total liabilities and equity $ 179,647 $ 149,232 $ 56,818 3,600 63,221 $ 123,639 $ 21,637 51,000 5,667 45,335 $ 123,639 Required: 1. Complete the below table to calculate each year's current ratio. points 63,505 $ 42,504 700 106,028 $ 149,232 Skipped 116, 142 $ 179,647 $ 56,818 3,600 63,221 $ 123,639 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 22, 236 69,000 eBook $ 26, 228 69,000 8,625 75,794 $ 179,647 8,625 $ 21,637 51,000 5,667 45,335 $ 123,639 49,371 $ 149,232 Required: 1. Complete the below table to calculate each year's current ratio Current Ratio Choose Denominator: Choose Numerator: 1 1 Current ratio Current ratio 7 2019 2018 0 to 1 0 to 1 1 2017 / 0 to 1 Skipped Common stock Other paid-in capital Retained earnings Total liabilities and equity 69,000 8,625 75,794 $ 179,647 69,000 8,625 49,371 $ 149,232 51,000 5,667 45,335 $ 123,639 eBook 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2017 % KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % % Mc Graw Hill 6 Plum Corporation began the month of May with $1,500,000 of current assets, a current ratio of 1.90.1, and an acid-test ratio of 1.60:1. During the month, it completed the following transactions (the company uses a perpetual inventory system) May 10 points 2 Purchased $80,000 of merchandise inventory on credit. 8 Sold merchandise inventory that cost $50,000 for $120,000 cash. 10 Collected $24,000 cash on an account receivable. 15 Paid $30,000 cash to settle an account payable. 17 Wrote off a $5,000 bad debt against the Allowance for Doubtful Accounts account. 22 Declared a $1 per share cash dividend on its 60,000 shares of outstanding common stock. 26 Paid the dividend declared on May 22. 27 Borrowed $95,000 cash by giving the bank a 30-day, 10% note. 28 Borrowed $105,000 cash by signing a long-term secured note. 29 Used the $200,000 cash proceeds from the notes to buy new machinery. eBook Required: Complete the table below showing Plum's (1) current ratio, (2) acid-test ratio, and (3) working capital after each transaction. (Do not round intermediate calculations. Round your ratios to 2 decimal places and the working capitals to nearest dollar amount. Subtracted amount should be indicated with a minus sign.) con=con&external_browser=0&launchUrl=https%253A%252F%252Fcrowder.blackboard.com%25 13: Homework Saved 6 Transaction Current Assets Quick Assets Current Liabilities Current Ratio Acid-Test Ratio Working Capital $ Beginning May 2 1,500,000 $ 1,263,158 $ 789,474 1.90 1.60 $ 710,526 ts Balance May 8 eBook Balance May 10 Balance May 15 Balance May 17 Balance May 22 Balance May 26 Balance May 27 Balance May 28 Balance May 29 Balance