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 ($ in thousands) Sales revenue $ 7,240 Operating expenses: Cost of goods sold $ 3,480 Depreciation expense 280 Insurance expense 140 General and administrative expense 1,840 Total operating expenses 5,660 Income before income taxes 1,580 Income tax expense (640) Net income $ 940 Balance Sheet Information ($ in thousands) Dec. 31,2821 Dec. 31, 2020 Assets: Cash $ 340 $ 240 Accounts receivable 790 870 Inventory 680 640 Prepaid insurance 70 40 Equipment 2,380 2,eee Less: Accumulated depreciation (920) (640) Total assets $3,260 $ 3,150 Liabilities and Shareholders' Equity: Accounts payable $ 340 $ 480 Accrued liabilities (for general & administrative expense) 340 449 Income taxes payable 240 190 Notes payable (due 12/31/2022) 84e 640 Common stock 940 840 Retained earnings 560 640 Total liabilities and shareholders' equity $ 3,260 $ 3, 15e Required: 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.) Required: 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.) TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2021 (S in thousands) Cash flows from operating activities: Net cash flows from operating activities