Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue Operating expenses Cost of goods sold Depreciation expense Insurance expense General and administrative expense Total operating expenses Income before income taxes Income tax expense Net incone $10,500 $4,100 310 450 2,500 7,360 3,140 (1,256) $ 1,884 Balance Sheet Information (5 in thousands) Dec. 31,2021 Dec. 31, 2020 Assets: Cash $ 440 270 Accounts receivable 785 900 Inventory 745 670 Prepaid insurance 120 55 Equipment 2,800 2,150 Total assets Income taxes payable Less Accumulated depreciation Liabilities and Shareholders' Equitys Accounts payable Accrued liabilities (for general & administrative expense) Notes payable (due 12/31/2022) Common stock Retained earnings Total liabilities and shareholders' equity (980) (670) $3,910 $ 3,375 $ 335 $ 430 335 470 235 220 1,000 700 1,040 870 965 685 $3,910 $3,375