($ thousands) Sales Cost of goods sold Operating expenses Gross profit Net income HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2021-2015 2021 $ 2,587 2020 $ 2,266 1,860 1,513 2019 $ 2,062 1,302 2018 $ 1,890 2017 $1,763 2016 2015 $ 1,640 $ 1,344 1,139 1,059 990 789 727 753 760 751 704 650 555 552 432 396 292 254 250 208 $ 175 $ 321 $ 364 $ 459 $ 450 $ 400 $ 347 ($ thousands) Assets Cash Accounts receivable, net Merchandise inventory Other current assets Long-term investments Plant assets, net Total assets Liabilities and Equity 2020 HAROUN COMPANY Comparative Year-End Balance Sheets 2021 December 31, 2021-2015 2019 2018 2017 2016 2015 $ 93 667 2,411 $ 123 700 $ 127 $ 130 $ 135 $ 133 $ 138 1,755 634 1,534 486 428 405 286 1,292 1,161 986 715 62 56 34 61 52 53 28 0 0 0 190 190 190 190 2,950 2,939 2,571 1,451 1,499 1,333 1,143 $ 6,183 $ 5,573 $ 4,900 $ 3,610 $ 3,465 $ 3,100 $ 2,500 Current liabilities Long-term liabilities 1,557 1,663 Common stock 1,125 Other paid-in capital $ 1,309 1,448 1,125 $ 859 1,409 $ 714 654 $ 620 $ 586 $ 378 668 724 543 1,125 1,000 1,000 875 875 Retained earnings 281 1,557 281 1,410 281 1,226 250 992 250 219 219 927 696 485 Total liabilities and equity $ 6,183 $ 5,573 $ 4,900 $ 3,610 $ 3,465 $3,100 $ 2,500 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? HAROUN COMPANY Income Statement Trends For Years Ended December 31, 2021-2015 2021 2020 2019 2018 2017 2016 2015 Sales 192.5 % 168.6 % 153.4% 140.6 % 131.2 % 122.0 % 100.0 % Cost of goods sold 235.86 191.8 165.0 144.4 134.2 125.6 100.0 Gross profit 131.1 135.6 136.9 135.2 126.9 117.1 100.0 Operating 265.5 ( 207.7 190.5 140.5 122.1 100.0 expenses Net income 50.3 % % 104.8 % % 129.8% % 100.0 % Assets Cash Accounts receivable, net Merchandise inventory Other current assets Long-term investments Plant assets, het 2021 2020 67.41 HAROUN COMPANY Balance Sheet Trends December 31, 2021-2015 2019 % 2018 2017 2016 2015 % % % 100.0 % 100.0 100.0 100.0 100.0 100.0 % % % 100.0 % Total assets % % Liabilities and Equity Current liabilities % % % % Long-term liabilities Common stock Other paid-in capital Retained eamings Total abilities & equity 2 100.0 % 100.0 100.0 100.0 100.0 % 100.0 %