Question

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 $ 12,000 Operating expenses: Cost of goods sold $ 4,400 Depreciation expense 340 Insurance expense 600 General and administrative expense 2,800 Total operating expenses 8,140 Income before income taxes 3,860 Income tax expense (1,544 ) Net income

Answer 1

Answer:

Net Income                              $

Income before income taxes 3,860

Income tax expense                1,544

Net income                               2,316

Explanation:

Net income is calculated as income before income taxes minus income tax expense.