Exercise 4-21 (Algo) Statement of cash flows; direct method [LO4-8] 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 (s 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 Required: $7,600 $ 3,460 340 200 1,900 5,900 1,700 (700) $1,000 Dec. 31,2021 Dec. 31, 2020 400 $ 300 850 930 740 700 100 70 2,600 2,300 (1,040) $ 3,650 (700) $3,600 $ 400 $ 460 400 500 300 250 900 700 1,000 900 650 790 $ 3,650 $3,600 Prepare the cash flows from operating activities section of Tiger's 2021 statement of cash flows using the direct method. Assume that all purchases and sales of inventory are on account, and that there are no anticipated bad debts for accounts receivable. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.)