Selected comparative financial statements of Haroun Company follow. Required: 1.

Question

Selected comparative financial statements of Haroun Company follow.

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.)

Comp IS

Comp BS

Complete the below table to calculate the trend percents for all components of comparative income statements using 2011 as the base year.

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

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 goods sold 1,061 863 743 650 604 565 450 Gross profit 414 428 432 427 401 370 316 Operating expenses 316 247 227 167 145 143 119 Net income $ 98 $ 181 $ 205 $ 260 $ 256 $ 227 $ 197

Explanation / Answer

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%

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