Answered step by step
Verified Expert Solution
Link Copied!

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 Cost of

image

Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2021-2015 ($ thousands) Sales Cost of goods sold Gross profit Operating expenses Net income 2021 2020 2019 2018 2017 2016 2015 $ 2,803 2,016 787 600 $ 2,455 $ 2,234 1,640 815 470 1,411 823 431 $ 2,047 1,235 $ 1,910 1,147 $ 1,776 1,073 $ 1,456 855 812 763 703 601 318 275 272 226 $ 187 $ 345 $ 392 $ 494 $ 488 $ 431 $ 375 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021-2015 ($ thousands) Assets Cash Accounts receivable, net Merchandise inventory Other current assets Long-term investments Plant assets, net Total assets Liabilities and Equity. 2021 $ 148 1,066 3,858 99 4,721 2020 2019 2018 2017 2016 2015 $ 196 $ 204 $ 208 1,120 1,014 2,809 2,454 777 2,068 $ 216 685 1,857 $ 213 649 1,577 $ 220 458 1,144 89 55 8 98 304 4,782 4,113 2,321 $ 9,892 $ 8,916 $ 7,840 $ 5,776 83 304 2,399 $ 5,544 84 304 2,133 $ 4,960 44 304 1,830 $ 4,000 Current liabilities Long-term liabilities 2,487 2,658 $ 2,092 2,315 Common stock 1,800 Other paid-in capital Retained earnings 450 2,497 1,800 450 2,259 $ 1,372 2,252 1,800 $ 1,142 450 1,966 1,046 1,600 400 1,588 $ 991 1,069 $ 937 1,157 1,600 400 1,484 1,400 $ 604 868 1,400 350 1,116 350 778 Total liabilities and equity $ 9,892 $ 8,916 $ 7,840 $ 5,776 $ 5,544 $ 4,960 4,000 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. 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 2015 as the base year. Note: Round your percentage answers to 1 decimal place. HAROUN COMPANY Income Statement Trends For Years Ended December 31, 2021-2015 2021 2020 2019 2018 2017 2016 2015 Sales Cost of goods sold 96 96 96 96 % 96 100.0 % 100.0 Gross profit Operating expenses Net income % %6 96 Required Comp. 15 100.0 100.0 % % % 100.0 % Required 1 Comp BS

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: John Wild, Ken Shaw

5th edition

978-1259176494, 1259176495, 978-1259347641, 1259347648, 978-0078025600

More Books

Students also viewed these Accounting questions

Question

I 0 2 Z

Answered: 1 week ago