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) $14,000 Sales revenue Operating expenses: Cost of goods sold $ 4,800 Depreciation expense 380 Insurance expense 800 General and administrative expense 3,200 Total operating expenses Income before income taxes 9,180 4,820 (1,928) Income tax expense Net income $ 2,892 Dec. 31, 2021 Dec. 31, 2020 Balance Sheet Information ($ in thousands) Assets: Cash $ 580 $ 340 Accounts receivable 820 970 Inventory 780 740 Prepaid insurance 110 25 Equipment 2,500 3,000 (1,120) Less: Accumulated depreciation (740) $ 3,835 Total assets Liabilities and Shareholders' Equity: Accounts payable $ 500 Accrued liabilities (for general & administrative expense) 540 Income taxes payable 290 Notes payable (due 12/31/2022) 850 Common stock 940 Retained earnings 715 Total liabilities and shareholders' equity $ 3,835 $ 4,170 $ 370 370 350 1,260 1,060 760 $ 4,170 ------- TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase in cash Cash, January 1 Cash, December 31