Exercise 4-20 (Algo) Statement of cash flows; indirect method [LO4-8) Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises. Sales revenue TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2024 ($ in thousands) $ 7,500 Operating expenses: Cost of goods sold Depreciation expense Insurance expense $ 3,500 250 150 General and administrative expense Total operating expenses Income before income taxes 1,900 5,800 1,700 Income tax expense (680) Assets: Cash Net income Balance Sheet Information ($ in thousands) Accounts receivable $1,020 December December 31, 2024 31, 2023 Inventory Prepaid insurance Equipment $ 320 755 655 $ 210 840 610 60 25 2,200 1,850 Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & administrative expense) Income taxes payable (860) (610) $ 3,130 $ 2,925 $ 305 $370 305 410 205 160 Notes payable (due 12/31/2025) 860 650 Common stock 920 810 Retained earnings 535 525 Total liabilities and shareholders' equity $ 3,130 $ 2,925 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). 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) Required: Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities. You will have 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: 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 00