Saved Help Save& Exit Su Check my wo sesevesessMee 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 $8,000 $3,600 260 200 2,000 6,068 1,940 (776) Net income $1, 164 Balance Sheet Information ($ in thousands) Dec. 31,2021 Dec. 31, 2020 Assets: Cash $ 340 760 670 70 2,300 (880) $ 220 850 Accounts receivable Inventory Prepaid insurance Equipment Less: Accumulated depreciation 620 30 nces 1,980 (620) Total assets $3,260 $3,000 Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & administrative expense) Income taxes payable Notes payable (due 12/31/2022) Common stock Retained earnings Total liabilities and shareholders' equity $ 310 310 210 8 420 170 700 920 940 570 828 510 $3,260 $3,000 Required: 3 of 5 Next> 3 of 5