Joel de Paris, Inc. Balance Sheet
Beginning Balance Ending Balance
Assets
Cash $125,0...
Joel de Paris, Inc. Balance Sheet
Beginning Balance Ending Balance
Assets
Cash $125,000 $133,000
Accounts receivable 349,000 478,000
Inventory 573,000 478,000
Plant and equipment, net 813,000 811,000
Investment in Buisson, S. A 405,000 430,000
Land (undeveloped) 251,000 250,000
Total assets $2,516,000 $2,580,000
Liabilities and Stockholders' Equity
Accounts payable $388,000 $340,000
Long-term debt 953,000 953,000
Stockholders' equity 1,175,000 1,287,000
Total liabilities and stockholders' equity $2,516,000 $2,580,000
Sales $4,700,000
Operating expenses 4,089,000
Net operating income 611,000
Interest and taxes:
Interest expense $115,000
Tax expense 193,000 308,000
Net income $303,000
The company paid dividends of $191,000 last year. The "investment in Buisson, S. A.," on the balance sheet represents an investment in the stock of another company.
Required:
a. Compute the company's margin, turnover, and return on investment (ROI) for last year.
b. The board of directors of Joel de Paris, Inc., has set a minimum required rate of return of 18%. What was the company's residual income last year?
Answers: 2
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