Assets Joel de Paris, Incorporated Balance Sheet Beginning Balance $ 130,000 Ending Balance $ 134,000 478,000 Cash Accounts receivable Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) Total assets Liabilities and Stockholders' Equity Accounts payable Long-term debt Stockholders' equity Total liabilities and stockholders' equity 340,000 565,000 805,000 394,000 255,000 $ 2,489,000 $ 377,000 1,042,000 1,070,000 $ 2,489,000 486,000 782,000 435,000 252,000 $ 2,567,000 $ 337,000 1,042,000 1,188,000 $ 2,567,000 Sales Joel de Paris, Incorporated Income Statement Operating expenses Net operating income Interest and taxes: Interest expense Tax expense Net income $ 115,000 205,000 $ 5,208,000 4,478,880 729,120 320,000 $ 409,120