Below are the 2021 and 2022 year-end balance sheets for the Detroit Tigers:

(Hint: Take a minute or so to study this balance sheet before answering this question)

Assets: 2022 2021

Cash $100,000 $85,000

Accounts receivable 432,000 350,000

Inventories 1,000,000 700,000

Total current assets $1,532,000 $1,135,000

Net fixed assets 3,000,000 2,800,000

Total assets $4,532,000 $3,935,000

Liabilities and equity:

Accounts payable $ 700,000 $ 545,000

Notes payable 800,000 900,000

Total current liabilities $1,500,000 $1,445,000

Long-term debt (Bonds) 1,200,000 1,200,000

Common Stock 1,500,000 1,000,000

Retained earnings 332,000 290,000

Total common equity 1,832,000 $1,290,000

Total liabilities and equity $4,532,000 $3,935,000

The Detroit Tigers has never paid a dividend on its common stock. The Detroit Tigers $1,200,000 of long-term debt in 2007. This debt is scheduled to mature in 2037. As of the end of 2022, none of the principal on this debt has been repaid. Assume that 2021 and 2022 sales were the same in both years. From your analysis of the Detroit Tigers for year 2022 the company reported:

Cash went down over the last year

A net income for the year

A net loss for the year

None of these selections are correct

Total common equity decreased for the year