Managerial accounting

Financial data for Joel de Paris, Inc., for last year follow: de Paris, Balance Sheet Beginning Ending Balance Balance Assets 126,000 133,000 Cash 343,000 471,000 Accounts receivable 561,000 475,000 Inventory 840,000 831,000 Plant and equipment, net 396,000 429,000 Investment in Buisson, S 254,000 254,000 Land (undeveloped) $2,520,000 $2,593,000 Total assets Liabilities and Stockholders' Equity 381,000 336,000 Accounts payable 1.000.000 1,000,000 Long-term debt 1,139,000 1,257,000 Stockholders' equity Total liabilities and stockholders' equity $2,520,000 $2,593,000 Joel de Paris, Inc. Income Statement 4,347,000 Sales 3,694,950 Operating expenses 652,050 Net operating income Interest and taxes: 121,000 Interest expense 195,000 316.000 Tax expense 336,050 Net income