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Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 20212015 ($ thousands) 2021 2020 2019 2018
Selected comparative financial statements of Haroun Company follow.
HAROUN COMPANY | |||||||
---|---|---|---|---|---|---|---|
Comparative Income Statements | |||||||
For Years Ended December 31, 20212015 | |||||||
($ thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
Sales | $ 1,392 | $ 1,219 | $ 1,109 | $ 1,017 | $ 949 | $ 882 | $ 723 |
Cost of goods sold | 1,000 | 813 | 700 | 612 | 569 | 532 | 424 |
Gross profit | 392 | 406 | 409 | 405 | 380 | 350 | 299 |
Operating expenses | 297 | 233 | 213 | 157 | 137 | 135 | 112 |
Net income | $ 95 | $ 173 | $ 196 | $ 248 | $ 243 | $ 215 | $ 187 |
HAROUN COMPANY | |||||||
---|---|---|---|---|---|---|---|
Comparative Year-End Balance Sheets | |||||||
December 31, 20212015 | |||||||
($ thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
Assets | |||||||
Cash | $ 96 | $ 127 | $ 132 | $ 135 | $ 141 | $ 139 | $ 143 |
Accounts receivable, net | 693 | 728 | 659 | 505 | 445 | 422 | 297 |
Merchandise inventory | 2,508 | 1,825 | 1,595 | 1,344 | 1,207 | 1,025 | 744 |
Other current assets | 64 | 58 | 36 | 64 | 54 | 55 | 29 |
Long-term investments | 0 | 0 | 0 | 198 | 198 | 198 | 198 |
Plant assets, net | 3,069 | 3,057 | 2,674 | 1,508 | 1,559 | 1,385 | 1,189 |
Total assets | $ 6,430 | $ 5,795 | $ 5,096 | $ 3,754 | $ 3,604 | $ 3,224 | $ 2,600 |
Liabilities and Equity | |||||||
Current liabilities | 1,618 | $ 1,361 | $ 893 | $ 743 | $ 645 | $ 610 | $ 393 |
Long-term liabilities | 1,727 | 1,504 | 1,464 | 680 | 694 | 752 | 564 |
Common stock | 1,170 | 1,170 | 1,170 | 1,040 | 1,040 | 910 | 910 |
Other paid-in capital | 293 | 293 | 293 | 260 | 260 | 228 | 228 |
Retained earnings | 1,622 | 1,467 | 1,276 | 1,031 | 965 | 724 | 505 |
Total liabilities and equity | $ 6,430 | $ 5,795 | $ 5,096 | $ 3,754 | $ 3,604 | $ 3,224 | $ 2,600 |
Required:
- Complete the below table to calculate the trend percents for all components of both statements using 2015 as the base year.
- 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 2015 as the base year. Note: Round your percentage answers to 1 decimal place.
4.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.
5.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?
\begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{15}{|c|}{ HAROUN COMPANY } \\ \hline \multicolumn{15}{|c|}{ Balance Sheet Trends } \\ \hline \multicolumn{15}{|c|}{ December 31, 2021-2015 } \\ \hline & \multicolumn{2}{|c|}{2021} & \multicolumn{2}{|l|}{2020} & \multicolumn{2}{|l|}{2019} & \multicolumn{2}{|l|}{2018} & \multicolumn{2}{|l|}{2017} & \multicolumn{2}{|l|}{2016} & \multicolumn{2}{|l|}{2015} \\ \hline \multicolumn{15}{|l|}{ Assets } \\ \hline Cash & & % & & % & & % & & % & & % & & % & 100.0 & % \\ \hline Accounts receivable, net & & & & & & & & & & & & & 100.0 & \\ \hline Merchandise inventory & & & & & & & & & & & & & 100.0 & \\ \hline Other current assets & & & & & & & & & & & & & 100.0 & \\ \hline Long-term investments & & & & & & & & & & & & & 100.0 & \\ \hline Plant assets, net & & & & & & & & & & & & & 100.0 & \\ \hline Total assets & & % & & % & & % & & % & & % & & % & 100.0 & % \\ \hline \multicolumn{15}{|l|}{ Liabilities and Equity } \\ \hline Current liabilities & & % & & % & & % & & % & & % & & % & 100.0 & % \\ \hline Long-term liabilities & & & & & & & & & & & & & 100.0 & \\ \hline Common stock & & & & & & & & & & & & & 100.0 & \\ \hline Other paid-in capital & & & & & & & & & & & & & 100.0 & \\ \hline Retained earnings & & & & & & & & & & & & & 100.0 & \\ \hline Total liabilities \& equity & & % & & % & & % & & % & & % & & % & 100.0 & 0% \\ \hline \end{tabular} Refer to the results from part 1. (a) Did sales grow steadily over this period? (b) Did net income a over the past four years? (c) Did inventory increase over this periodStep by Step Solution
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