Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc. Balance Sheet Ending Beginning Balance Balance Assets Cash 140,000 333,000 569,000 858,000 394,000 255,000 $ 2,549,000 $ $ 128,000 488,000 486,000 838,000 434,000 250,000 Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets $ 2,624,000 Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity 377,000 974,000 1,198,000 $ 2,549,000 $ 340,000 974,000 1,310,000 Total liabilities and stockholders' equity $ 2,624,000 Joel de Paris, Inc. Income Statement $ 4,608,000 3,778,560 829,440 Sales Operating expenses Net operating income Interest and taxes: $ 116,000 194,000 Interest expense Тах еxpense 310,000 Net income $ 519,440

Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc. Balance Sheet Ending Beginning Balance Balance Assets Cash 140,000 333,000 569,000 858,000 394,000 255,000 $ 2,549,000 $ $ 128,000 488,000 486,000 838,000 434,000 250,000 Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets $ 2,624,000 Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity 377,000 974,000 1,198,000 $ 2,549,000 $ 340,000 974,000 1,310,000 Total liabilities and stockholders' equity $ 2,624,000 Joel de Paris, Inc. Income Statement $ 4,608,000 3,778,560 829,440 Sales Operating expenses Net operating income Interest and taxes: $ 116,000 194,000 Interest expense Тах еxpense 310,000 Net income $ 519,440

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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