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Financial data for Redstone Company for last year appear below:
Redstone Company Statements of Financial Position
Assets:
Beginning Balance
Ending Balance
Cash..............................................................
$120,000
$160,000
Accounts receivable.................................
110,000
100,000
Inventory.......................................................
50,000
60,000
Plant and equipment (net).......................
180,000
160,000
Investment in Balsam Company...........
Land (undeveloped).................................
120,000
Total assets.................................................
$630.000
$660 000
Liabilities and owners' equity:
Accounts payable....................................
$ 70,000
$ 90,000
Long-term debt..........................................
500,000
Owners' equity...........................................
60.000
70.000
Total liabilities and owners' equity........
Redstone Company Income Statement
Sales............................................
$1,222,000
Less operating expenses......
1,099,800
Net operating income..............
122,200
Less interest and taxes:
Interest expense....................
$60,000
Tax expense...........................
20.000
80.000
Net income.................................
$ 47 700
The company paid dividends of $32,200 last year. The "Investment in Balsam Company" on the statement of financial position represents an investment in the stock of another company.
Required:
a. Compute the company's margin, turnover, and return on investment for last year.
b. The Board of Directors of Redstone has set a minimum required return of 25%. What was the company's residual income last year?
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