$10,500 7,360 3,140 (1,256) $ 1,884 Dec. 31, 2020 FULLUE ECCL Ducu LELEWLICL 1 LUZI ($ 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 $ 440 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 $ 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 $ 3,910 $ 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.) 1,884 TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Net income $ Adjustments for noncash effects: Depreciation expense Changes in operating assets and liabilities: Decrease in accounts receivable Increase in inventory Increase in prepaid insurance Decrease in accounts payable Decrease in accrued liabilities Increase in income taxes payable 310 S 2,194 Net cash flows from operating activities Cash flows from investing activities: Purchase of equipment 0 Net cash flows from investing activities Cash flows from financing activities: Issuance of common stock Issuance of notes payable Dividends paid to shareholders 0 2,194 Net cash flows from financing activities Net increase in cash Cash, January 1 Cash, December 31 S 2,194