Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2024 ($ 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 income $ 9,500 $ 3,900 290 350 2,300 6,840 2,660 (1,064) $ 1,596 Balance Sheet Information ($ in thousands) December 31, 2024 December 31, 2023 Assets: Cash $ 400 $ 250 Accounts receivable Inventory Prepaid insurance 775 715 880 650 100 45 2,600 (940) 2,050 (650) Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & administrative expense) Income taxes payable Notes payable (due 12/31/2025) Common stock Retained earnings Total liabilities and shareholders' equity $ 3,650 $ 3,225 $ 325 325 $ 410 450 225 200 1,100 850 1,000 850 675 465 $ 3,650 $ 3,225