Problem 11-15 Return on investment (ROI) and Residual income [L011-1, L011-2] Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc Balance Sheet Beginning Ending Balance Balance Assets 140,000 120,000 Cash 450,000 530,000 Accounts receivable 380,000 680,000 620,000 250,000 280,000 Inventory Plant and equipment, net Investment in Buisson, S.A. Land (undeveloped) 180,000 170,000 Total assets $2,020,000 $2,100,000 Liabilities and Stockholders' Equity 360,000 310,000 Accounts payable Long-term debt 1,500,000 1,500,000 Stockholders' equity 290,000 160,000 Total liabilities and stockholders' equity $2,020,000 $2,100,000 Joel de Paris, Inc Income Statement 4,050,000 Sales Operating expenses 3,645,000 405,000 Net operating income Interest and taxes 150,000 Interest expense Tax expense 110,000 260,000 145,000 Net income