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Accounting Question - Financial data for Joel de Paris, Inc, for last year follows
Joel de Paris, Inc Balance Sheet
Beginning Balance
Ending Balance
Assets
Cash
$125,000
$133,000
Accounts receivable
348,000
483,000
Inventory
573,000
476,000
Plant and equipment, net
834,000
828,000
Investment in Buisson S.A
391,000
429,000
Land (undeveloped)
254,000
246,000
Total assets
$2,525,000
$2,595,000
Liabilities and Stockholders' Equity
Accounts payable
$382,000
$336,000
Long-term debt
1,011,000
Stockholders' equity
1,132,000
1,248,000
Total liabilities and stockholders' equity
Income Statement
Sales
$5,130,000
Operating expenses
4,514,400
Net operating income
615,600
Interest and taxes:
Interest expense
$124,000
Tax expense
203,000
327,000
Net income
$288,600
The company paid dividends of $28,860 last year. The "Investment in Buisson, S.A," on the balance sheet represents an investment in the stock of another company.
Requirement 1 - Compute the company's margin, turnover, and return on investment (ROI) for last year.
Requirement 2 - The board of directors of Joel de Paris, Inc, has set a minimum required return of 18%. What was the company's residual income last year?
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