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Selected comparative financial statements of Haroun Company follow. HAROUN COMPANYComparative Income StatementsFor Years Ended December 31, 20212015($ thousands)2021202020192018201720162015Sales$ 2,697$ 2,362$ 2,149$ 1,970$ 1,838$ 1,709$ 1,401Cost
Selected comparative financial statements of Haroun Company follow.
HAROUN COMPANYComparative Income StatementsFor Years Ended December 31, 20212015($ thousands)2021202020192018201720162015Sales$ 2,697$ 2,362$ 2,149$ 1,970$ 1,838$ 1,709$ 1,401Cost of goods sold1,9381,5771,3561,1871,1031,032822Gross profit759785793783735677579Operating expenses576451414305265261217Net income$ 183$ 334$ 379$ 478$ 470$ 416$ 362HAROUN COMPANYComparative Year-End Balance SheetsDecember 31, 20212015($ thousands)2021202020192018201720162015Assets Cash$ 119$ 157$ 163$ 166$ 173$ 171$ 176Accounts receivable, net853896811622548519366Merchandise inventory3,0862,2471,9631,6541,4861,262915Other current assets79714479676735Long-term investments000243243243243Plant assets, net3,7773,7623,2911,8571,9181,7061,465Total assets$ 7,914$ 7,133$ 6,272$ 4,621$ 4,435$ 3,968$ 3,200Liabilities and Equity Current liabilities1,989$ 1,673$ 1,097$ 913$ 792$ 749$ 483Long-term liabilities2,1251,8511,801836854925694Common stock1,4401,4401,4401,2801,2801,1201,120Other paid-in capital360360360320320280280Retained earnings2,0001,8091,5741,2721,189894623Total liabilities and equity$ 7,914$ 7,133$ 6,272$ 4,621$ 4,435$ 3,968$ 3,200Required:
- 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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