Joel de Paris, Ind. Balance Sheet Beginning Ending Balance Balance Assets Cash A

Question

Joel de Paris, Ind. Balance Sheet Beginning Ending Balance Balance Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A Land (undeveloped) $ 137,000 $ 125,000 475,000 481,000 859,000 426,000 247,000 336,000 571,000 856,000 391,000 245,000 Total assets $2,536,000 $2,613,000 Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity $ 387,000 $ 332,000 973,000 1,176,000 1,308,000 973,000 Total liabilities and stockholders' equity $2,536,000 $2,613,000 Joel de Paris, Inc. Income Statement Sales Operating expense:s $ 4,608,000 4,008,960 Net operating income Interest and taxes: 599,040 $122,000 Interest expense Tax expense 209,000331,000 Net income $ 268,040

Explanation / Answer

Note :

Computation of Average operating assets

Average operating assets = ( Beginning Balance + Ending Balance ) / 2

= ( $1,900,000 + $1,940,000 ) / 2 = $19,20,000

Requirement 1

Requirement 2

Particulars Beginning Balance Ending Balance Cash 137,000 125,000 Accounts Receivable 336,000 475,000 Inventory 571,000 481,000 Plant & equipment (net) 856,000 859,000 Operating Assets 1,900,000 1,940,000

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