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Presented below are the 2013 income statement and comparative balance sheets for Santana Industries. ...

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Accounting

Presented below are the 2013 income statement and comparative balance sheets for Santana Industries.
SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2013 ($ in thousands)
Sales revenue $ 18,250
Service revenue 7,400
Total revenue $ 25,650
Operating expenses:
Cost of goods sold 9,200
Selling 4,400
General and administrative 3,500
Total operating expenses 17,100
Operating income 8,550
Interest expense 400
Income before income taxes 8,150
Income tax expense 4,500
Net income $ 3,650

Balance Sheet Information ($ in thousands)
Dec. 31, 2013 Dec. 31, 2012
Assets:
Cash $ 9,350 $ 4,000
Accounts receivable 6,500 4,200
Inventory 8,000 5,000
Prepaid rent 350 700
Plant and equipment 18,500 16,000
Less: Accumulated depreciation (7,100 ) (6,500 )
Total assets $ 35,600 $ 23,400
Liabilities and Shareholders

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