Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2021-2015 ($ thousands) Sales 2021 $ 2,845
Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2021-2015 ($ thousands) Sales 2021 $ 2,845 2020 $ 2,492 2019 $ 2,267 2018 $2,078 46 Cost of goods sold 2,047 1,665 1,432 Gross profit 798 827 835 1,253 825 2017 $ 1,939 1,165 774 2016 2015 $ 1,803 $ 1,478 1,089 868 714 610 Operating expenses 608 476 436 322 279 275 229 Net income $ 190 $ 351 $ 399 $ 503 $ 495 $ 439 $ 381 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021-2015 Long-term liabilities ($ thousands) Assets Cash Accounts receivable, net Merchandise inventory Other current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock 2021 2020 2019 2018 2017 2016 2015 $100 720 2,604 $ 132 756 1,896 $ 1381 $ 140 684 525 $146 462 $144 $ 149 438 309 1,656 1,396 1,254 1,065 772 67 60 37 66 56 57 0 205 205 205 3,186 3,174 2,777 1,567 1,619 1,439 30 205 1,235 $ 6,677 $ 6,018 $ 5,292 $ 3,899 $ 3,742 $ 3,348 $ 2,700 1,680 1,794 $1,413 1,563 $ 927 1,521 $771 706 $ 669 721 $ 633 $ 408 781 586 1,215 Other paid-in capital Retained earnings 304 1,684 Total liabilities and equity $ 6,677 1,215 304 1,523 $ 6,018 1,215 304 1,325 $ 5,292 1,080 1,080 945 945 270 1,072 270 1,002 236 236 753 525 $ 3,899 $ 3,742 $ 3,348 $ 2,700 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? Complete this question by entering your answers in the tabs below
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started