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Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises. $7,720 5.980 1,740 720 $1,020 Dec. 31, 2017 TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2018 ($ in thousands) sales revenue Operating expenses Cost of goods sold $ 3,480 Depreciation 360 Insurance 220 Administrative and other 1,920 Total operating expenses Income before income taxes Income tax expense Net income Balance sheet Information ($ in thousands) Dec. 31, 2018 Assets: Cash $ 420 Accounts receivable 870 Inventory 760 Prepaid insurance 110 plant and equipment 2,700 Less: Accumulated depreciation (1.080) Total asseta $ 3,780 Liabilities and shareholders' Equity Accounts payable $ 420 Payables for administrative and other expenses 420 Income taxes payable 320 Note payable (due 12/31/2019) 920 Common stock 1,020 Retained earnings 680 Total liabilities and shareholders' equity $ 3,280 $ 320 950 720 80 2,400 (720) $3,750 $ 480 520 220 720 920 840 $3,750 Required: Prepare the cash flows from operating activities section of Tiger's 2018 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. (Hint: Use T- accounts for the pertinent items to Isolate the information needed for the statement.) (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) $ 3,780 $3,750 Total assets Liabilities and Shareholders' Equity Accounts payable Payables for administrative and other expenses Income taxes payable Note payablo (duo 12/31/2019) Common stock Retained earnings Total liabilities and shareholders' equity 420 420 320 920 1,020 680 $ 3, 780 $ 480 520 270 220 920 840 $3,750 Required: Prepare the cash flows from operating activities section of Tiger's 2018 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. (Hint: Use T- accounts for the pertinent items to isolate the information needed for the statement) (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, 2018 (5 in thousands) Cash flows from operating activities $ 0 Net cash flows from operating activities