$ 7,540 $ 3,450 330 190 1,890 5,860 1,680 (690) $ 990 Dec. 31, 2020 Dec. 31,2021 For the Year Ended December 31, 2021 ($ in thousands) 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 Balance Sheet Information ($ in thousands) Assets Cash Accounts receivable Inventory Prepaid insurance Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders Equity Accounts payable Accrued liabilities (for general & administrative expense) Income taxes payable Notes payable (due 12/31/2022) Common stock Retained earnings Total liabilities and shareholders equity $ 290 920 690 $ 390 840 730 95 2,550 (1,020) $ 3,585 2,25@ (690) $ 3,525 390 $ 450 390 496 290 890 240 690 890 990 765 635 $ 3,585 $ 3,525 Required: Prepare the cash flows from operating activities section of Tiger's 2021 statement of cash flows using the direct method. all purchases and sales of Inventory are on account, and that there are no anticipated bad debts for accounts receivable. be deducted should be indicated with a minus sign. Enter your answers in thousands.) es TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2021 ($ in thousands) Cash flows from operating activities Cash received from customers Cash paid for general and administrative expense Cash paid for income taxes (640) Net cash flows from operating activities $ (640)