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PROBLEM 11-17 Retum on Investment (ROand Residual Income L011-11011-2 Financial data for Joel de Paris, Inc., for last year follow Joel de Paris Inc Balance She Beginning Balance Ending Balance Assets Cash $ 140,000 $ 120,000 Accounts receivable 450,000 530,000 Imentory 320,000 380,000 Plant and equipment, et 680,000 620,000 Investment in Buisson, SA 250.000 280,000 Land (undeveloped) 180,000 170,000 Total asets $2.020,000 $2.100.000 Liabilities and Stockholders' Equity Accounts payable $360,000 $ 310,000 Long term diebt 1,500,000 1,500,000 Stockholders' equits 160,000 290,000 Total liabilities and stockholders' equity $2.020.000 $2.100.000 Joal de Paris, Los faccre Satament Sales Operating expenses Net operating income Iatacest and taxes $4,050,000 3.645,000 405.000 Tatacest expense 3:50.000 Teresitate 110.000 260,000 Netico $145.000 The company paid dividends of $15.000 last year. The "Investment is Basson, S.A on the balance sheet represents an issetmeet in the stock of another company. The company's minimum required cate of return of 95% Inventory 320,000 380,000 Plant and equipment, bet 680,000 620,000 Imvestment in Brisson, S.A 250,000 280,000 Land (undeveloped) 180.000 170.000 Total asset $2.020 000 $2.100.000 Tiahilities and Stockholders' Equity Accounts payable $360,000 $ 310,000 Long-term debt 1,500,000 1,500,000 Stockholders' equity 160.000 290.000 Total liabilities and stockholders' equity $2,020,000 $2,100,000 Joal de Paris, Inc. Income Statement Sales Operating expenses Net operating income Iaterest and to: $4,050,000 3,645.000 405,000 $150,000 Interest etpesise Tax expense 110,000 Net income 260.000 5:45.000 The company paid dividends of $15,000 last year. The "Ievestment in Bulbson SA," on the balance sheet represects an is watmeat in the stock of another company. The company's minimum required rate of retum of 15%. Required: 1. Compute the company's average operating assets for last year. Page 535 2. Compute the company's margin, tar over, and retura ca investment (ROD) for last year. (Hist: Should you use et income or net operating income is your calculations!) 3. What was the company's residual income last year