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Selected comparative financial statements of Haroun Company follow. HAROUN COMPANYComparative Income StatementsFor Years Ended December 31, 20212015($ thousands)2021202020192018201720162015Sales$ 2,683$ 2,350$ 2,138$ 1,960$ 1,829$ 1,701$ 1,394Cost
Selected comparative financial statements of Haroun Company follow.
HAROUN COMPANYComparative Income StatementsFor Years Ended December 31, 20212015($ thousands)2021202020192018201720162015Sales$ 2,683$ 2,350$ 2,138$ 1,960$ 1,829$ 1,701$ 1,394Cost of goods sold1,9291,5691,3501,1811,0981,027818Gross profit754781788779731674576Operating expenses574449412304263260216Net income$ 180$ 332$ 376$ 475$ 468$ 414$ 360HAROUN COMPANYComparative Year-End Balance SheetsDecember 31, 20212015($ thousands)2021202020192018201720162015Assets Cash$ 156$ 206$ 214$ 218$ 227$ 224$ 231Accounts receivable, net1,1201,1761,064816719681480Merchandise inventory4,0512,9492,5772,1711,9501,6561,201Other current assets1049458103878946Long-term investments000319319319319Plant assets, net4,9564,9374,3192,4382,5192,2391,923Total assets$ 10,387$ 9,362$ 8,232$ 6,065$ 5,821$ 5,208$ 4,200Liabilities and Equity Current liabilities2,611$ 2,196$ 1,440$ 1,198$ 1,040$ 983$ 634Long-term liabilities2,7892,4302,3641,0981,1211,214911Common stock1,8901,8901,8901,6801,6801,4701,470Other paid-in capital473473473420420368368Retained earnings2,6242,3732,0651,6691,5601,173817Total liabilities and equity$ 10,387$ 9,362$ 8,232$ 6,065$ 5,821$ 5,208$ 4,200Required:
- 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?
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