$10$

points

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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 $ $7,480$

Operating expenses:

Cost of goods sold $ $3,440$

Depreciation expense $320$

Insurance expense $180$

General and administrative expense $1,880$

Total operating expenses $5,820$

Income before income taxes $1,660$

Income tax expense $(680)$

Net income $ $980$

Balance Sheet Information $($$ in thousands$)$ December $31,2024$ December $31,2023$

Assets:

Cash $ $380$ $ $280$

Accounts receivable $830910$

Inventory $720680$

Prepaid insurance $9060$

Equipment $2,5002,200$

Less: Accumulated depreciation $(1,000)(680)$

Total assets $ $3,520$ $ $3,450$

Liabilities and Shareholders' Equity:

Accounts payable $ $380$ $ $440$

Accrued liabilities $($for general & administrative expense$)380480$

Income taxes payable $280230$

Notes payable $($due $12/31/2025)880680$

Common stock $980880$

Retained earnings $620740$

Total liabilities and shareholders' equity $ $3,520$ $ $3,450$

Required:

Prepare the cash flows from operating activities section of Tiger's $2024$ statement of cash flows using the direct method. Assume that all purchases and sales of inventory are on account, and that there are no anticipated bad debts for accounts receivable.

Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.