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Problem 17-1A Calculation and analysis of trend percents LO A1, P1 Selected comparative financial statements of...

Problem 17-1A 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 December 31, 2017–2011
($ thousands) 2017 2016 2015 2014 2013 2012 2011
Sales $ 1,679 $ 1,470 $ 1,338 $ 1,226 $ 1,144 $ 1,064 $ 872
Cost of goods sold 1,207 982 845 739 687 643 512
Gross profit 472 488 493 487 457 421 360
Operating expenses 359 281 257 190 165 162 135
Net income $ 113 $ 207 $ 236 $ 297 $ 292 $ 259 $ 225
HAROUN COMPANY
Comparative Balance Sheets
December 31, 2017–2011
($ thousands) 2017 2016 2015 2014 2013 2012 2011
Assets
Cash $ 96 $ 127 $ 132 $ 135 $ 141 $ 139 $ 143
Accounts receivable, net 693 728 659 505 445 422 297
Merchandise inventory 2,508 1,825 1,595 1,344 1,207 1,025 744
Other current assets 64 58 36 64 54 55 29
Long-term investments 0 0 0 198 198 198 198
Plant assets, net 3,069 3,057 2,674 1,508 1,559 1,385 1,189
Total assets $ 6,430 $ 5,795 $ 5,096 $ 3,754 $ 3,604 $ 3,224 $ 2,600
Liabilities and Equity
Current liabilities $ 1,618 $ 1,361 $ 893 $ 743 $ 645 $ 610 $ 393
Long-term liabilities 1,727 1,504 1,464 680 694 752 564
Common stock 1,170 1,170 1,170 1,040 1,040 910 910
Other paid-in capital 293 293 293 260 260 228 228
Retained earnings 1,622 1,467 1,276 1,031 965 724 505
Total liabilities and equity $ 6,430 $ 5,795 $ 5,096 $ 3,754 $ 3,604 $ 3,224 $ 2,600


Required:
1. Complete the below table to calculate the trend percents for all components of both statements using 2011 as the base year. (Round your percentage answers to 1 decimal place.)

Complete the below table to calculate the trend percents for all components of comparative income statements using 2011 as the base year.
HAROUN COMPANY
Income Statement Trends
For Years 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 %

Complete the below table to calculate the trend percents for all components of comparative balance sheets using 2011 as the base year.
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 %

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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