Comparative Income Statements For Years Ended December 31, 2021-2015 ($ thousands) Sales 2021 $ 2,803 2020...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Comparative Income Statements For Years Ended December 31, 2021-2015 ($ thousands) Sales 2021 $ 2,803 2020 $ 2,455 2019 2018 2017 2016 2015 $ 2,234 $ 2,047 $ 1,910 $ 1,776 $ 1,456 Cost of goods sold Gross profit 2,016 787 1,640 815 1,411 823 Operating expenses 600 470 431 1,235 812 318 1,147 763 1,073 855 703 601 275 272 226 Net income $ 187 $ 345 $ 392 $ 494 $ 488 $ 431 $ 375 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021-2015 Long-term liabilities. ($ thousands) Assets Cash Accounts receivable, net Merchandise inventory Other current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock 2021 $ 148 1,066 3,858 4,721 2020 2019 2018 2017 2016 2015 $ 196 $ 204 $ 208 1,120 1,014 777 2,809 2,454 2,068 $ 216 685 1,857 $ 213 649 $ 220 458 1,577 1,144 99 e 89 55 98 83 0 8 304 4,702 4,113 2,321 2,133 $ 9,892 $ 8,916 $ 7,840 2,487 $ 2,092 2,658 2,315 Other paid-in capital Retained earnings 1,800 450 2,497 1,800 450 2,259 $ 1,372 2,252 1,800 450 1,966 $ 5,776 $ 5,544 304 2,399 $ 4,960 44 304 1,830 $ 4,000 84 384 $ 1,142 1,046 $ 991 1,069 $ 937 1,157 $ 604 1,600 400 1,588 1,600 400 1,484 1,400 350 1,116 868 1,400 350 778 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 balance sheets using 2015 as the base year. Note: Round your percentage answers to 1 decimal place. 2021 2020 HAROUN COMPANY Balance Sheet Trends December 31, 2021-2015 2019 2018 2017 2016 2015 Assets Cash % Accounts receivable, net Merchandise inventory Other current assets Long-term investments Plant assets, net Total assets % % % 100.0 % 100.0 100.0 100.0 100.0 100.0 % % 100.0 % Liabilities and Equity Current liabilities % % % % 100.0 % Long-term liabilities 100.0 Common stock Other paid-in capital Retained earnings Total liabilities & equity 100.0 100.0 100.0 % 100.0 % Comparative Income Statements For Years Ended December 31, 2021-2015 ($ thousands) Sales 2021 $ 2,803 2020 $ 2,455 2019 2018 2017 2016 2015 $ 2,234 $ 2,047 $ 1,910 $ 1,776 $ 1,456 Cost of goods sold Gross profit 2,016 787 1,640 815 1,411 823 Operating expenses 600 470 431 1,235 812 318 1,147 763 1,073 855 703 601 275 272 226 Net income $ 187 $ 345 $ 392 $ 494 $ 488 $ 431 $ 375 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021-2015 Long-term liabilities. ($ thousands) Assets Cash Accounts receivable, net Merchandise inventory Other current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock 2021 $ 148 1,066 3,858 4,721 2020 2019 2018 2017 2016 2015 $ 196 $ 204 $ 208 1,120 1,014 777 2,809 2,454 2,068 $ 216 685 1,857 $ 213 649 $ 220 458 1,577 1,144 99 e 89 55 98 83 0 8 304 4,702 4,113 2,321 2,133 $ 9,892 $ 8,916 $ 7,840 2,487 $ 2,092 2,658 2,315 Other paid-in capital Retained earnings 1,800 450 2,497 1,800 450 2,259 $ 1,372 2,252 1,800 450 1,966 $ 5,776 $ 5,544 304 2,399 $ 4,960 44 304 1,830 $ 4,000 84 384 $ 1,142 1,046 $ 991 1,069 $ 937 1,157 $ 604 1,600 400 1,588 1,600 400 1,484 1,400 350 1,116 868 1,400 350 778 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 balance sheets using 2015 as the base year. Note: Round your percentage answers to 1 decimal place. 2021 2020 HAROUN COMPANY Balance Sheet Trends December 31, 2021-2015 2019 2018 2017 2016 2015 Assets Cash % Accounts receivable, net Merchandise inventory Other current assets Long-term investments Plant assets, net Total assets % % % 100.0 % 100.0 100.0 100.0 100.0 100.0 % % 100.0 % Liabilities and Equity Current liabilities % % % % 100.0 % Long-term liabilities 100.0 Common stock Other paid-in capital Retained earnings Total liabilities & equity 100.0 100.0 100.0 % 100.0 %
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Product Strategy Duff has always followed a level production strategy because Duff prefers not to fire and hire employees. Management is open to change if there is enough of a cost benefit for the...
-
Verify the statements in Exercises 1-2. The matrices are square. 1. If A is similar to B, then A2 is similar to B2. 2. If B is similar to A and C is similar to A, then B is similar to C.
-
Kimbro Furniture manufactures computer desks in its Austin, Texas, plant. The company uses activity-based costing to allocate all manufacturing conversion costs (direct labor and manufacturing...
-
What are the two types of hormones? How does each type of hormone produce an effect in a target cell?
-
(a) Draw a flowchart for the catalytic dehydrogenation of propane from the description of this process that begins Section 4.3a. Label all feed, product and connecting streams between units. (b)...
-
Do you feel that the period immediately after the end of the Spanish flu of 1918 provides a good indicator as to how the economy is likely to function in the years of recovery after the COVID-19...
-
Stock A has an expected return of 10% and a standard deviation of 0.05. Stock B has an expected return of 15% and a standard deviation of 0.1. The correlation coefficient between the returns of these...
-
(a) Complete the following truth table. a b -a T T T F F T F F -b (-b) (b) Give a parse tree for the following Boolean expression avb)
-
One-Month Project: Ellipses Corp.Ellipses Corp. is a small business that operates in Herndon, VA. The company is locatedat 10 Period Lane, Herndon, VA 20170. Its federal Employer Identication Number...
-
Keetch v. Kroger Co. Give the style (abbreviated name of the parties) of the case and its citation (Volume, reporter, and page number). In the case you found, how was the customer injured? Provide...
-
class Car private String model; private double price; i ii - - //default constructor //constructor with 2 parameters iii- //set method for model iv - //set method for price v //method print() public...
-
How do postcolonial literary theories critique colonial legacies, cultural imperialism, and the representation of the Other in literature, foregrounding marginalized voices and challenging...
-
Read the article John GUZ, Plaintiff and Appellant, v. BECHTEL NATIONAL, INC., and give your response
-
For the following arrangements, discuss whether they are 'in substance' lease transactions, and thus fall under the ambit of IAS 17.
-
Recalculate the Otto cycle in P16.5 using EQUIL2 to evaluate the conditions around the cycle. Do these calculations both with and without considering dissociation. How has the use of more accurate...
-
Compare the air-standard cycle thermal efficiencies of a diesel cycle obtained by calculating the state points around the cycle with the value obtained from Eqn (3.20) for an 'engine' operating with...
-
Recalculate the diesel cycle in P16.6 using EQUIL2 to evaluate the conditions around the cycle. Do these calculations both with and without considering dissociation. How has the use of more accurate...
Study smarter with the SolutionInn App