Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2021-2015 2019 2018 $ 1,247 787 460 240 $ 220 ($ thousands) Sales Cost of goods sold Gross profit Operating expense Net income ($ thousands) Assets Cash Accounts receivable, net Merchandise inventory Other current assets Long-term investments Plant assets, net Total assets 2021 $1,565. 1,125 440 335 $ 105 Liabilities and Equity Current liabilities Long-term liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2020 $ 1,371 915 456 262 $ 194 2021 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021-2015 2020 2019 $ 160 1,146 4,147 106 0 5,075 $ 10,634 2,673 2,857 1,935 484 2,685 $ 10,634 $ 211 1,204 3,019 $ 1,143 689 454 177 $ 277 96 e 5,055 $9,585 $ 219 1,090 2,638 59 0 4,422 $ 8,428 2017 $ 1,067 640 $ 1,475 2,421 427 154 $ 273 2018 $ 224 836 2,223 106 327 2,493 $6,209 $2,247 $ 1,227 2,488 1,124 1,935 1,935 1,720 484 430 484 2,113 2,431 1,708 $ 9,585 $ 8,428 $ 6,209 2016 $992 599 393 152 $ 241 2017 $ 232 736 1,997 89 327 2,579 $5,960 $ 1,064 1,149 1,720 430 1,597 $ 5,960 2015 $813 477 336 126 $ 210 2016 $ 229 697 1,696 91 327 2,292 $5,332 $ 1,007 1,244 1,505 376 1,200 $ 5,332 2015 $ 237 492 1,230 47 327 1,967 $ 4,300 $ 649 933 1,505 376 837 $ 4,300 Required: 1. Complete the below table to calculate the trend percents for all components of both statements using 2015 as the base year. ok nces Assets Cash + Accounts receivable, net Merchandise inventory Other current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Long-term liabilities Common stock Other paid-in capital Retained earnings Total liabilities & equity 2021 % % % % 2020 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 % 100.0 % 100.0 100.0 100.0 100.0 100.0 % 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? Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2021-2015 2019 2018 $ 1,247 787 460 240 $ 220 ($ thousands) Sales Cost of goods sold Gross profit Operating expense Net income ($ thousands) Assets Cash Accounts receivable, net Merchandise inventory Other current assets Long-term investments Plant assets, net Total assets 2021 $1,565. 1,125 440 335 $ 105 Liabilities and Equity Current liabilities Long-term liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2020 $ 1,371 915 456 262 $ 194 2021 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021-2015 2020 2019 $ 160 1,146 4,147 106 0 5,075 $ 10,634 2,673 2,857 1,935 484 2,685 $ 10,634 $ 211 1,204 3,019 $ 1,143 689 454 177 $ 277 96 e 5,055 $9,585 $ 219 1,090 2,638 59 0 4,422 $ 8,428 2017 $ 1,067 640 $ 1,475 2,421 427 154 $ 273 2018 $ 224 836 2,223 106 327 2,493 $6,209 $2,247 $ 1,227 2,488 1,124 1,935 1,935 1,720 484 430 484 2,113 2,431 1,708 $ 9,585 $ 8,428 $ 6,209 2016 $992 599 393 152 $ 241 2017 $ 232 736 1,997 89 327 2,579 $5,960 $ 1,064 1,149 1,720 430 1,597 $ 5,960 2015 $813 477 336 126 $ 210 2016 $ 229 697 1,696 91 327 2,292 $5,332 $ 1,007 1,244 1,505 376 1,200 $ 5,332 2015 $ 237 492 1,230 47 327 1,967 $ 4,300 $ 649 933 1,505 376 837 $ 4,300 Required: 1. Complete the below table to calculate the trend percents for all components of both statements using 2015 as the base year. ok nces Assets Cash + Accounts receivable, net Merchandise inventory Other current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Long-term liabilities Common stock Other paid-in capital Retained earnings Total liabilities & equity 2021 % % % % 2020 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 % 100.0 % 100.0 100.0 100.0 100.0 100.0 % 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?
Expert Answer:
Answer rating: 100% (QA)
Trend Percentages for Balance Sheet Components To calculate the trend percentages for each component ... View the full answer
Related Book For
Financial Accounting Information for Decisions
ISBN: 978-1259533006
8th edition
Authors: John J. Wild
Posted Date:
Students also viewed these accounting questions
-
In the short run, the competitive firm should reduce its output to zero and shut down if: a) price falls below average variable cost. b) the demand curve faced by the firm becomes horizontal. c)...
-
Problem 13-1A Calculation and analysis of trend percents LO A1, P1 Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended...
-
Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2016-2010 HAROUN COMPANY Comparative Balance Sheets...
-
Use the method of maximum likelihood to estimate in the pdf f Y (y; ) = /2y e y , y 0 Evaluate e for the following random sample of size 4: Y 1 = 6.2, Y 2 = 7.0, Y 3 = 2.5, and Y 4 = 4.2.
-
Find the real and reactive power absorbed by each element in the circuit infigure. -j50 j3 n 125/0 V rms 95/-10 V rms
-
The man stands 60 ft from the wall and throws a ball at it with a speed of v 0 = 50 ft/s. Determine the angle at which he should release the ball so that it strikes the wall at the highest point...
-
What might be the implications associated with a possible breakdown of the QMax computing system?
-
Duncan Ltd. is a Canadian-controlled private corporation owned by Mr. William Duncan. Mr. Duncan purchased all shares of Duncan Ltd. on July 1 of the prior year for $500,000 in an arm's length...
-
DanceByte Limited is a leading software development company located in Sandton, Johannesburg. The company's current reporting period ends on 31 December 2018. The following are some of the...
-
? Dean and Ellen Price are married and have a manufacturing business. They bought a piece of business equipment (7-year personal property) on 4/1/2017 for $50,000. Use half-year convention to...
-
Kingbird, Inc. issues 8,600 shares of $106 par value preferred stock for cash at $112 per share. Journalize the issuance of the preferred stock. (Credit account titles are automatically indented when...
-
In the last Module, we discussed the importance of case management and how case management is linked to referral sources with other community support programs. In this Module, using the same client...
-
PP2 will concentrate on the customer, and how the buyer's journey affects content creation. Not only will you create a customer journey map, you willcreate marketing content accordingly. 1) Watch the...
-
Website: https://www.telus.com/en/on/business Overall Marketing and Communications Recommendations Considering the content of this company's website and your assessment and recommendations,...
-
Website: https://www.telus.com/en/on/business Assuming the role of a B2B buyer, assess the company's website effectiveness from a communications and marketing perspective and identify and explain :...
-
Calculate the gravitational potential energy of the interacting pair of the Earth and a 8 kg block sitting on the surface of the Earth. You would need to supply the absolute value of this result to...
-
2. Below are past 3 months production activities and cost information of MDB Company: Units produced Month Total Costs $169000 17000 15000 160000 14000 152000 January February March Required: A....
-
Choose a company from the SEC EDGAR Web site for your Key Assignment to evaluate for the impact of convergence to IFRS. Review the financial reports and notes of the company you have chosen from the...
-
A company reported average total assets of $1,240,000 in 2015 and $1,510,000 in 2016. Its net operating cash flow was $102,920 in 2015 and $138,920 in 2016. Calculate its cash flow on total assets...
-
On November 10, 2015, Lee Co. began operations by purchasing coffee grinders for resale. Lee uses the perpetual inventory method. The grinders have a 60-day warranty that requires the company to...
-
Gazelle Corporation, a merchandiser, recently completed its calendar-year 2016 operations. For the year, (1) All sales are credit sales, (2) All credits to Accounts Receivable reflect cash receipts...
-
Describe three main steps to identifying EBTs.
-
(T/F) EBTs should have a direct physical representation.
-
Where do you start developing BOs for any particular EBT? What questions do you need to ask?
Study smarter with the SolutionInn App