Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc. Balance Sheet Beginning Balance Ending Balance Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) $ 138,000 $ 133,000 335,000 567,000 810,000 405,000 254,000 $ 2,509,000 479,000 485,000 793,000 432,000 249,000 $ 2,571,000 Total assets Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity 24 377,000 983,000 1,149,000 $ 2,509,000 24 349,000 983,000 1,239,000 $ 2,571,000 Total liabilities and stockholders' equity Joel de Paris, Inc. Income Statement $ 4,675,000 4,114,000 561,000 Sales Operating expenses Net operating income Interest and taxes: Interest expense Тах expense $ 117,000 205,000 322,000 Net income $ 239,000 The company paid dividends of $149,000 last year. The "Investment in Buisson, S.A.," on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return of 15%.

Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc. Balance Sheet Beginning Balance Ending Balance Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) $ 138,000 $ 133,000 335,000 567,000 810,000 405,000 254,000 $ 2,509,000 479,000 485,000 793,000 432,000 249,000 $ 2,571,000 Total assets Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity 24 377,000 983,000 1,149,000 $ 2,509,000 24 349,000 983,000 1,239,000 $ 2,571,000 Total liabilities and stockholders' equity Joel de Paris, Inc. Income Statement $ 4,675,000 4,114,000 561,000 Sales Operating expenses Net operating income Interest and taxes: Interest expense Тах expense $ 117,000 205,000 322,000 Net income $ 239,000 The company paid dividends of $149,000 last year. The "Investment in Buisson, S.A.," on the balance sheet represents an investment in the stock of another company. The company's minimum required rate of return of 15%.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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