Exercise 4-20 (Algo) Statement of cash flows; indirect method (L04-8] Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue 912,000 Operating expenses: Cost of goods sold $ 4,400 Depreciation expense 340 Insurance expense 600 General and administrative expense 2,800 Total operating expenses 8,140 Income before income taxes 3,860 Income tax expense (1,544 Net Income $ 2,316 Balance Sheet Information is in thousands) Dec. 31,2021 Dec 31, 2020 Assets Cash $ 500 $ 300 Accounts receivable 800 Inventory 930 790 700 Prepaid insurance 150 70 Equipment 3,100 2,300 Leist Accumulated depreciation (1,040) (700) Total assets $ 4,300 $ 3,600 Liabilities and Shareholders' Equity recounts payable $ Accrued abilities (for general administrative expense) 350 $ 460 350 Income taxes payable 500 265 250 Notes payable (due 12/31/2022) 1,180 Common stock 850 1,100 900 Retained earnings 1,055 640 Total liabilities and shareholders' equity $4,300 $ 3.600 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 ($ in thousands) Cash flows from operating activities. Adjustments for noncash effects: Changes in operating assets and liabilities: $ 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 Not cash flows from financing activities Net increase in cash Cash January 1 Cash December 31 0 $ 0