Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises. Sales revenue Operating expenses: Cost of goods sold Depreciation expense For the Year Ended December 31, 2024 ($ in thousands) Insurance expense General and administrative expense TIGER ENTERPRISES Income Statement Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid insurance 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 $ 3,390 270 130 1,830 December 31, 2024 $ 330 780 670 65 2,250 (900) $ 3,195 $ 330 330 230 830 930 545 $ 3,195 $ 7,180 5,620 1,560 (630) $930 December 31, 2023 $ 230 860 630 35 1,950 (630) $ 3,075 $ 390 430 180 630 830 615 $ 3,075

Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises. Sales revenue Operating expenses: Cost of goods sold Depreciation expense For the Year Ended December 31, 2024 ($ in thousands) Insurance expense General and administrative expense TIGER ENTERPRISES Income Statement Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid insurance 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 $ 3,390 270 130 1,830 December 31, 2024 $ 330 780 670 65 2,250 (900) $ 3,195 $ 330 330 230 830 930 545 $ 3,195 $ 7,180 5,620 1,560 (630) $930 December 31, 2023 $ 230 860 630 35 1,950 (630) $ 3,075 $ 390 430 180 630 830 615 $ 3,075

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Answer using the pictures 1) Evaluate the profit performance
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