Problem 13-1A Calculating and analyzing trend percents LO P1 Selected comparative financial statements of Haroun Company follow. ($ thousands) Sales Cost of goods sold Gross profit Operating expenses Net income HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2019-2013 2019 2018 2017 2016 2015 2014 2013 $2,427 $2,126 $1,934 $1,773 $1,654 $1,538 $1,261 1,745 1,419 1,221 1,069 993 929 740 682 707 713 704 661 609 521 518 405372 274 238 235 $ 164 $ 302 $ 341 $ 430 $ 423 $ 374 $ 326 HAROUN COMPANY Comparative Balance Sheets December 31, 20192013 2019 2018 2017 2016 2015 2014 2013 $ 93 667 2,411 62 ($ thousands) 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 and equity $ 123 $ 127 700 634 1,755 1,534 56 34 0 2,9392,571 $5,573 $4,900 $ 130 486 1,292 61 190 1,451 $3,610 $ 135 428 1,161 52 190 1,499 $3,465 $ 133 405 986 53 190 1,333 $3,100 $ 138 286 715 28 190 1,143 $2,500 0 2,950 $6,183 $1,557 1,663 1,125 281 1,557 $6,183 $1,309 1,448 1,125 281 1,410 $5,573 $ 859 1,409 1,125 281 1,226 $4,900 $ 714 654 1,000 250 992 $3,610 $ 620 668 1,000 250 927 $3,465 $ 586 724 875 219 696 $3,100 $ 378 543 875 219 485 $2,500 Required: 1. Complete the below table to calculate the trend percents for all components of both statements using 2013 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 income statements using 2013 as the base year. (Round your percentage answers to 1 decimal place.) HAROUN COMPANY Income Statement Trends For Years Ended December 31, 2019-2013 2018 2017 2016 2019 2015 2014 2013 100.0 % Sales Cost of goods sold 100.0 Gross profit 100.0 Operating expenses 100.0 Net income 100.0 % 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 2013 as the base year. (Round your percentage answers to 1 decimal place.) HAROUN COMPANY Balance Sheet Trends December 31, 2019-2013 2017 2016 2019 2018 2015 2014 2013 Assets % % Cash Accounts receivable, net % Merchandise inventory Other current assets Long-term investments Plant assets, net 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 liabilities & equity 100.0 % 100.0 100.0 100.0 100.0 Complete this question by entering your answers in the tabs below. Required 1 Comp IS Required 1 Comp BS Required 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? Yes (b) |(c) Did sales grow steadily over this period? Did net income as a percent of sales grow over the past four years? Did inventory increase over this period? No Yes Required 1 Comp BS Required 2