Joel de Paris, Inc. Balance Sheet Beginning Ending Balance Balance Assets Cash 137,000 136,000 Accounts receivable 339,000 489,000 Inventory 576,000 487,000 838,000 818,000 391,000 426,000 Plant and equipment, net Investment in Buisson, S.A Land (undeveloped) 254,000 248,000 Total assets $2,535,000 $2,604,000 Liabilities and Stockholders' Equity Accounts payable 379,000 338,000 Long-term debt 980,000 980,000 Stockholders' equity 1,176,000 1,286,000 Total liabilities and stockholders' equity $2,535,000 $2,604,000 Joel de Paris, Inc. Income Statement Sales 5,157,000 operating expenses 4,435.020 Net operating income 721,980 Interest and taxes Interest expense 129,000 Tax expense 209,000 338,000 Net income 383,980