HALLORAN COMPANY Comparative Income Statements For Years Ended December 31, 2017-2013 (S thousands) 2013 2017 2016 2015 2014 $ 1,271 $ 1,122 $ 1,028 $ 774 $ 948 $ 890 602 $ 564 347 $ 326 128 $ 110 219 $ 216 Sales Cost of goods sold 935 $ 677 $ Gross profit Operating expenses 336 $ 351 $ 348 $ 192 $ 248 $ 176 Net income $ 89 $ 156 $ 176 $ HALLORAN COMPANY Comparative Balance Sheets December 31, 2017-2013 ($ thousands) 2017 2016 2015 2014 2013 Assets Cash 58 $ 368 $ 59 $ 386 $ 62 $ 350 $ 63 $ 270 $ 239 774 $ 702 66 Accounts receivable, net $ $ 1,379 $ 1,023 $ 903 $ Merchand ise inventory Other current assets $ 27 $ 24 $ 11 $ 26 $ 21 110 $ 708 $ 734 $ 3,346 $ 3,002 $ 2,639 $ 1,950 $ 1,871 Long-term investments $ 110 Plant assets, net $ 1,515 $ 1,511 $ 1,314 $ Total assets Liabilities and Equity Current liabilities $ 915 $ 782 $ 539 $ 461 $ 410 428 $ 435 $ 971 $ 750 $ 750 $ 855 $ 834 $ 750 $ Long-term liabilities Common stock 638 $ 638 Other paid-in capital 202 $ 188 $ 188 $ 329 $ 128 $ 128 Retained earnings 509 $ 428 $ 297 $ 261 Total liabilities and equity $ 3,346 $ 3,002 $ 2,639 $ 1,950 $ 1,871
HALLORAN COMPANY Comparative Income Statements For Years Ended December 31, 2017-2013 (S thousands) 2013 2017 2016 2015 2014 $ 1,271 $ 1,122 $ 1,028 $ 774 $ 948 $ 890 602 $ 564 347 $ 326 128 $ 110 219 $ 216 Sales Cost of goods sold 935 $ 677 $ Gross profit Operating expenses 336 $ 351 $ 348 $ 192 $ 248 $ 176 Net income $ 89 $ 156 $ 176 $ HALLORAN COMPANY Comparative Balance Sheets December 31, 2017-2013 ($ thousands) 2017 2016 2015 2014 2013 Assets Cash 58 $ 368 $ 59 $ 386 $ 62 $ 350 $ 63 $ 270 $ 239 774 $ 702 66 Accounts receivable, net $ $ 1,379 $ 1,023 $ 903 $ Merchand ise inventory Other current assets $ 27 $ 24 $ 11 $ 26 $ 21 110 $ 708 $ 734 $ 3,346 $ 3,002 $ 2,639 $ 1,950 $ 1,871 Long-term investments $ 110 Plant assets, net $ 1,515 $ 1,511 $ 1,314 $ Total assets Liabilities and Equity Current liabilities $ 915 $ 782 $ 539 $ 461 $ 410 428 $ 435 $ 971 $ 750 $ 750 $ 855 $ 834 $ 750 $ Long-term liabilities Common stock 638 $ 638 Other paid-in capital 202 $ 188 $ 188 $ 329 $ 128 $ 128 Retained earnings 509 $ 428 $ 297 $ 261 Total liabilities and equity $ 3,346 $ 3,002 $ 2,639 $ 1,950 $ 1,871
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....
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Use the statements to calculate trend percentages for all components of both statements using 2013 as the base year and summarizing your findings about the financial health of the company, using the calculations as evidence to support your conclusions.
Transcribed Image Text:HALLORAN COMPANY
Comparative Income Statements
For Years Ended December 31, 2017-2013
($ thousands)
2017
2016
2015
2014
2013
$ 1,271 $ 1,122 $ 1,028 $
774 $
Sales
948
890
Cost of goods sold
935 $
677 $
602 $
564
Gross profit
336 $
348 $
351 $
347 $
326
Operating expenses
248 $
192 $
176 $
128
110
Net income
89 $
156 $
176
219
216
HALLORAN COMPANY
Comparative Balance Sheets
December 31, 2017-2013
($ thousands)
2017
2016
2015
2014
2013
Assets
Cash
58 $
59 $
62 $
63 $
66
Accounts receivable, net
368 $
386 $
350 $
270
239
Merchandise inventory
$ 1,379 $ 1,023 $
903
774 $
702
Other current assets
27 $
24 $
11
26
21
Long-term investments
$4
110
110
$ 1,515 $ 1,511 $ 1,314 $
$ 3,346 $ 3,002 $ 2,639 $ 1,950 $ 1,871
Plant assets, net
708
734
Total assets
Liabilities and Equity
Current liabilities
915
782
539
461
410
Long-term liabilities
971 $
855 $
834 $
428
435
Common stock
750 $
750 $
750 $
638 $
638
Other paid-in capital
188 $
428 $ 329s
$ 3,346 $ 3,002 $ 2,639 $ 1,950 $ 1,871
202 $
188 $
128
128
Retained earnings
Total liabilities and equity
509 $
297
261
SSS SSS
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