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Question - Financial data for Joel de Paris, Incorporated, for last year follow:
Joel de Paris, Incorporated Balance Sheet
Beginning Balance
Ending Balance
Assets
Cash
$136,000
$140,000
Accounts receivable
337,000
474,000
Inventory
563,000
490,000
Plant and equipment, net
794,000
766,000
Investment in Buisson, S.A.
404,000
428,000
Land (undeveloped)
246,000
255,000
Total assets
$2,480,000
$2,553,000
Liabilities and Stockholders' Equity
Accounts payable
$379,000
$338,000
Long-term debt
1,002,000
Stockholders' equity
1,099,000
1,213,000
Total liabilities and stockholders' equity
Joel de Paris, Incorporated Income Statement
Sales
$4,070,000
Operating expenses
3,540,900
Net operating income
529,100
Interest and taxes:
Interest expense
$130,000
Tax expense
203,000
333,000
Net income
$196,100
The company paid dividends of $82,100 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%.
Required -
1. Compute the company's average operating assets for last year.
2. Compute the company's margin, turnover, and return on investment (ROI) for last year.
3. What was the company's residual income last year?
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