Presented below is the 2016 income statement and comparative balance sheet information for Tiger Enterprises TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2016 ($ in thousands) $8,500 Sales revenue Operating expenses Cost of goods sold Depreciation Insurance Administrative and other $3,700 270 250 2,100 Total operating expenses 6,320 Income before income taxes Income tax expense 2,180 872 Net income $1,308 Balance Sheet Information ($ in thousands) Assets Cash Accounts receivable Inventory Prepaid insurance Plant and equipment Dec. 31, 2016 Dec. 31, 2015 $ 360 765 685 80 2,400 $ 230 860 630 35 1,950 (630) Less: Accumulated depreciation (900) Total assets $3,390 $3,075 Liabilities and Shareholders' Equity Accounts payable Payables for administrative and other expenses Income taxes payable Note payable (due 12/31/2017) Common stock Retained earnings $ 315 315 215 980 960 605 $ 390 430 180 750 830 495 Total liabilities and shareholders' equity $3,390 $3,075