2 Exercise 4-20 (Static) Statement of cash flows; indirect method [LO4-8] 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) bok ant int rences Sales revenue Operating expenses: Cost of goods sold Depreciation expense Insurance expense General and administrative expense Total operating expenses Income before income taxes Income tax expense Net income $ 7,000 $ 3,360 240 100 1,800 5,500 1,500 (600) $ 900 Balance Sheet Information ($ in thousands) December 31, 2024 December 31, 2023 Assets Cash $ 300 $ 200 Accounts receivable 750 830 Inventory 640 600 Prepaid insurance 50 20 Equipment 2,100 1,800 Less: Accumulated depreciation (840) (600) Total assets $ 3,000 $2,850 Accounts payable Liabilities and Shareholders' Equity: Accrued liabilities (for general administrative expense). $ 300 300 $ 360 400 Denu 17 of 12 Alnut ces C Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & administrative expense) Income taxes payable Notes payable (due 12/31/2025) Common stock Retained earnings Total liabilities and shareholders' equity Required: $ 300 $ 360 300 400 200 150 800 600 900 800 500 540 $ 3,000 $ 2,850 Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint You w to calculate dividend payments). Note: 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, 2024 ($ in thousands) Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities: 2 -Book Hint Print ferences Changes in operating assets and liabilities: Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase in cash Cash, January 1 Cash, December 31 $ 0 0 0 $ 0