$10,500 7, 360 3, 140 (1,256) $ 1,884 Dec. 31, 2020 For the Year Ended December 31, 2021 ($ in thousands) Sales revenue Operating expenses: Cost of goods sold $4,100 Depreciation expense 310 Insurance expense 450 General and administrative expense 2,500 Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Dec. 31, 2021 Assets: Cash $ Accounts receivable 785 Inventory 745 Prepaid insurance 120 Equipment 2,800 Less: Accumulated depreciation (980) Total assets $3,910 Liabilities and Shareholders' Equity: Accounts payable S 335 Accrued liabilities (for general & administrative expense) 335 Income taxes payable 235 Notes payable (due 12/31/2022) 1,000 Common stock 1,040 Retained earnings 965 Total liabilities and shareholders' equity S3, 910 440 270 $ 900 670 55 2, 150 (670) $ 3,375 $ 430 470 220 700 870 685 $ 3,375 Required: Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will have to calculate dividend payments). (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2021 (5 in thousands) Cash flows from operating activities Net income Adjustments for noncash effects Changes in operating assets and liabilities Ne cash flows from operating activities Cathfins from muesting activities $ 0 Net cash flows from operating activities Cash flows from investing activities: 0 Net cash flows from investing activities Cash flows from financing activities: 0 0 Net cash flows from financing activities Net increase in cash Cash, January 1 Cash, December 31 $ 0 $10,500 7, 360 3, 140 (1,256) $ 1,884 Dec. 31, 2020 For the Year Ended December 31, 2021 ($ in thousands) Sales revenue Operating expenses: Cost of goods sold $4,100 Depreciation expense 310 Insurance expense 450 General and administrative expense 2,500 Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Dec. 31, 2021 Assets: Cash $ Accounts receivable 785 Inventory 745 Prepaid insurance 120 Equipment 2,800 Less: Accumulated depreciation (980) Total assets $3,910 Liabilities and Shareholders' Equity: Accounts payable S 335 Accrued liabilities (for general & administrative expense) 335 Income taxes payable 235 Notes payable (due 12/31/2022) 1,000 Common stock 1,040 Retained earnings 965 Total liabilities and shareholders' equity S3, 910 440 270 $ 900 670 55 2, 150 (670) $ 3,375 $ 430 470 220 700 870 685 $ 3,375 Required: Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will have to calculate dividend payments). (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2021 (5 in thousands) Cash flows from operating activities Net income Adjustments for noncash effects Changes in operating assets and liabilities Ne cash flows from operating activities Cathfins from muesting activities $ 0 Net cash flows from operating activities Cash flows from investing activities: 0 Net cash flows from investing activities Cash flows from financing activities: 0 0 Net cash flows from financing activities Net increase in cash Cash, January 1 Cash, December 31 $ 0