Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2017–2011 ($ thousands) 2017 2016 2015 2014 2013 2012 2011 Sales $ 1,475 $ 1,291 $ 1,175 $ 1,077 $ 1,005 $ 935 $ 766 Cost...

Free

50.1K

Verified Solution

Question

Accounting

Selected comparative financial statements of Haroun Companyfollow.
HAROUN COMPANY
Comparative Income Statements
For Years Ended December 31, 2017–2011
($thousands) 2017 2016 2015 2014 2013 2012 2011
Sales $ 1,475 $ 1,291 $ 1,175 $ 1,077 $ 1,005 $ 935 $ 766
Cost of goodssold 1,061 863 743 650 604 565 450
Grossprofit 414 428 432 427 401 370 316
Operatingexpenses 316 247 227 167 145 143 119
Net income $ 98 $ 181 $ 205 $ 260 $ 256 $ 227 $ 197
HAROUN COMPANY
Comparative Balance Sheets
December 31, 2017–2011
($thousands) 2017 2016 2015 2014 2013 2012 2011
Assets
Cash $ 122 $ 162 $ 168 $ 172 $ 178 $ 176 $ 182
Accountsreceivable, net 880 924 836 641 565 535 378
Merchandiseinventory 3,183 2,317 2,024 1,706 1,532 1,301 944
Other currentassets 82 74 45 81 69 70 36
Long-terminvestments 0 0 0 251 251 251 251
Plant assets,net 3,894 3,879 3,395 1,914 1,979 1,759 1,509
Totalassets $ 8,161 $ 7,356 $ 6,468 $ 4,765 $ 4,574 $ 4,092 $ 3,300
Liabilities and Equity
Currentliabilities $ 2,051 $ 1,725 $ 1,131 $ 941 $ 817 $ 772 $ 498
Long-termliabilities 2,192 1,910 1,858 863 881 954 716
Commonstock 1,485 1,485 1,485 1,320 1,320 1,155 1,155
Other paid-incapital 371 371 371 330 330 289 289
Retainedearnings 2,062 1,865 1,623 1,311 1,226 922 642
Totalliabilities and equity $ 8,161 $ 7,356 $ 6,468 $ 4,765 $ 4,574 $ 4,092 $ 3,300

Required:
1. Complete the below table to calculate the trendpercents for all components of both statements using 2011 as thebase year. (Round your percentage answers to 1 decimalplace.)
Comp IS
Comp BS
Complete the below table to calculate the trend percents for allcomponents of comparative income statements using 2011 as the baseyear.
HAROUN COMPANY
Income Statement Trends
ForYears Ended December 31, 2017–2011
2017 2016 2015 2014 2013 2012 2011
Sales % % % % % % 100.0 %
Cost of goods sold 100.0
Gross profit 100.0
Operating expenses 100.0
Net income % % % % % % 100.0 %
omplete the below table to calculate the trend percents for allcomponents of comparative balance sheets using 2011 as the baseyear.
HAROUN COMPANY
Balance Sheet Trends
December 31, 2017–2011
2017 2016 2015 2014 2013 2012 2011
Assets
Cash % % % % % % 100.0 %
Accounts receivable, net 100.0
Merchandise inventory 100.0
Other current assets 100.0
Long-term investments 100.0
Plant assets, net 100.0
Total assets % % % % % % 100.0 %
Liabilities and Equity
Current liabilities % % % % % % 100.0 %
Long-term liabilities 100.0
Common stock 100.0
Other paid-in capital 100.0
Retained earnings 100.0
Total liabilities &equity % % % % % % 100.0 %

Answer & Explanation Solved by verified expert

4.0 Ratings (592 Votes)

Solution:

HAROUN COMPANY
Income Statement Trends
For Years Ended December 31, 2017–2011
($ thousands)	2017		2016		2015		2014		2013		2012		2011
Sales	$1,475.00	192.6%	$1,291.00	168.5%	$1,175.00	153.4%	$1,077.00	140.6%	$1,005.00	131.2%	$935.00	122.1%	$766.00	100%
Cost of goods sold	$1,061.00	235.8%	$863.00	191.8%	$743.00	165.1%	$650.00	144.4%	$604.00	134.2%	$565.00	125.6%	$450.00	100%
Gross profit	$414.00	131.0%	$428.00	135.4%	$432.00	136.7%	$427.00	135.1%	$401.00	126.9%	$370.00	117.1%	$316.00	100%
Operating expenses	$316.00	265.5%	$247.00	207.6%	$227.00	190.8%	$167.00	140.3%	$145.00	121.8%	$143.00	120.2%	$119.00	100%
Net income	$98.00	49.7%	$181.00	91.9%	$205.00	104.1%	$260.00	132.0%	$256.00	129.9%	$227.00	115.2%	$197.00	100%

HAROUN COMPANY
Balance Sheet Trends
December 31, 2017–2011
($ thousands)	2017		2016		2015		2014		2013		2012		2011
Assets
Cash	$122.00	67.0%	$162.00	89.0%	$168.00	92.3%	$172.00	94.5%	$178.00	97.8%	$176.00	96.7%	$182.00	100%
Accounts receivable, net	$880.00	232.8%	$924.00	244.4%	$836.00	221.2%	$641.00	169.6%	$565.00	149.5%	$535.00	141.5%	$378.00	100%
Merchandise inventory	$3,183.00	337.2%	$2,317.00	245.4%	$2,024.00	214.4%	$1,706.00	180.7%	$1,532.00	162.3%	$1,301.00	137.8%	$944.00	100%
Other current assets	$82.00	227.8%	$74.00	205.6%	$45.00	125.0%	$81.00	225.0%	$69.00	191.7%	$70.00	194.4%	$36.00	100%
Long-term investments	$0.00	0.0%	$0.00	0.0%	$0.00	0.0%	$251.00	100.0%	$251.00	100.0%	$251.00	100.0%	$251.00	100%
Plant assets, net	$3,894.00	258.1%	$3,879.00	257.1%	$3,395.00	225.0%	$1,914.00	126.8%	$1,979.00	131.1%	$1,759.00	116.6%	$1,509.00	100%
Total assets	$8,161.00	247.3%	$7,356.00	222.9%	$6,468.00	196.0%	$4,765.00	144.4%	$4,574.00	138.6%	$4,092.00	124.0%	$3,300.00	100%
Liabilities and Equity
Current liabilities	$2,051.00	411.8%	$1,725.00	346.4%	$1,131.00	227.1%	$941.00	189.0%	$817.00	164.1%	$772.00	155.0%	$498.00	100%
Long-term liabilities	$2,192.00	306.1%	$1,910.00	266.8%	$1,858.00	259.5%	$863.00	120.5%	$881.00	123.0%	$954.00	133.2%	$716.00	100%
Common stock	$1,485.00	128.6%	$1,485.00	128.6%	$1,485.00	128.6%	$1,320.00	114.3%	$1,320.00	114.3%	$1,155.00	100.0%	$1,155.00	100%
Other paid-in capital	$371.00	128.4%	$371.00	128.4%	$371.00	128.4%	$330.00	114.2%	$330.00	114.2%	$289.00	100.0%	$289.00	100%
Retained earnings	$2,062.00	321.2%	$1,865.00	290.5%	$1,623.00	252.8%	$1,311.00	204.2%	$1,226.00	191.0%	$922.00	143.6%	$642.00	100%
Total liabilities and equity	$8,161.00	247.3%	$7,356.00	222.9%	$6,468.00	196.0%	$4,765.00	144.4%	$4,574.00	138.6%	$4,092.00	124.0%	$3,300.00	100%

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

HAROUN COMPANY
Comparative Income Statements
For Years Ended December 31, 2017–2011
($thousands)	2017		2016		2015		2014		2013		2012		2011
Sales	$	1,475	$	1,291	$	1,175	$	1,077	$	1,005	$	935	$	766
Cost of goodssold		1,061		863		743		650		604		565		450
Grossprofit		414		428		432		427		401		370		316
Operatingexpenses		316		247		227		167		145		143		119
Net income	$	98	$	181	$	205	$	260	$	256	$	227	$	197

HAROUN COMPANY
Comparative Balance Sheets
December 31, 2017–2011
($thousands)	2017		2016		2015		2014		2013		2012		2011
Assets
Cash	$	122	$	162	$	168	$	172	$	178	$	176	$	182
Accountsreceivable, net		880		924		836		641		565		535		378
Merchandiseinventory		3,183		2,317		2,024		1,706		1,532		1,301		944
Other currentassets		82		74		45		81		69		70		36
Long-terminvestments		0		0		0		251		251		251		251
Plant assets,net		3,894		3,879		3,395		1,914		1,979		1,759		1,509
Totalassets	$	8,161	$	7,356	$	6,468	$	4,765	$	4,574	$	4,092	$	3,300
Liabilities and Equity
Currentliabilities	$	2,051	$	1,725	$	1,131	$	941	$	817	$	772	$	498
Long-termliabilities		2,192		1,910		1,858		863		881		954		716
Commonstock		1,485		1,485		1,485		1,320		1,320		1,155		1,155
Other paid-incapital		371		371		371		330		330		289		289
Retainedearnings		2,062		1,865		1,623		1,311		1,226		922		642
Totalliabilities and equity	$	8,161	$	7,356	$	6,468	$	4,765	$	4,574	$	4,092	$	3,300

Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2017–2011 ($ thousands) 2017 2016 2015 2014 2013 2012 2011 Sales $ 1,475 $ 1,291 $ 1,175 $ 1,077 $ 1,005 $ 935 $ 766 Cost...

Free

50.1K

Verified Solution

Question

Accounting

Answer & Explanation Solved by verified expert

Get Answers to Unlimited Questions

Membership Benefits:

Other questions asked by students