I will always like all sections - Thanks for your help, I appreciate it. Selected comparative financial statements of Haroun Company follow.HAROUN COMPANYComparative Income StatementsFor Years Ended December 31, 2021-2015($ thousands)Sales2021Cost of goods soldGross profit$ 1,7691,2714982020$ 1,54920192018201720162015$ 1,410$ 1,292$ 1,206$ 1,121$ 9191,034889778723676539Operating expenses377515295521514483445380271200173171142Net income$ 121$ 220$ 250$ 314$ 310$ 274$ 238HAROUN COMPANYComparative Year-End Balance SheetsDecember 31, 2021-2015($ thousands)AssetsCashAccounts receivable, netMerchandise inventoryOther current assetsLong-term investmentsPlant assets, netTotal assetsLiabilities and Equity2021202020192018201720162015$ 1087732,79772$ 1428122,03665$ 1487351,779$ 1515641,499$ 157496$ 155$ 1604703321,3461,14482983,4223,40940В2,982712206061321,6832201,7402202201,5461,327$ 7,172$ 6,464$ 5,684$ 4,188$ 4,019$ 3,596$ 2,900Current liabilities1,804Long-term liabilities1,926Common stock1,305$ 1,5171,6781,305$ 9951,6321,305$ 8287581,160Other paid-in capitalRetained earnings3261,8113261,6383261,4262901,152$ 7187741,1602901,077$ 679838$ 4386291,0151,015254810254564Total liabilities and equity$ 7,172$ 6,464$ 5,684$ 4,188$ 4,019$ 3,596$ 2,900 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 overthe past four years? (c) Did Inventory Increase over this period?Complete this question by entering your answers in the tabs below.Required 1Comp ISRequired 1Comp BSRequired 2Complete the below table to calculate the trend percents for all components of comparative income statements using 2015 as the base year.Note: Round your percentage answers to 1 decimal place.SalesCost of goods soldGross profitOperating expensesNet incomeHAROUN COMPANYIncome Statement TrendsFor Years Ended December 31, 2021-20152021202020192018201720162015%96%969696100.0 %100.0100.0100.0%96%9696%100.0 %

Income statement:The income statement is the statement or the record that is prepared by the company…

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. 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.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 48CE

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