3 Snark Enterprises, Inc. Balance Sheets 2002 2003 Cash $1,000 ? Snark Enterprises, Inc Income Statement 2003 Sales $34,900 Cost of Goods Sold (522,000) Gross profit $12,900 Operating expenses ($10,000) Depreciation ($400) $9,000 Accounts receivable Inventories $8,000 $4,000 $7,000 Land $10,000 $10,000 Other fixed assets $5,000 $5,500 EBIT $2,500 Accumulated depreciation ($1,600) ($2,000) Interest expense $500 Total assets $26,400 ? EBT $2,000 Taxes ($1,000) Accounts payable $4,200 $7,000 Net income $1,000 Bonds $4,000 $4,000 $15,000 Common stock $16,000 $3,200 $3,800 Retained earnings Total debt and equity $26,400 ? What is the Snark's cash balance as of December 31, 20x3? $1,100 $900 $1,300 None of the above