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How do you do both the indirect and direct method on this L04-8 Presented below is the 2021 income statement and comparative balance sheet information
How do you do both the indirect and direct method on this
L04-8 Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. Open font size menu TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 $ 7.000 210 ($ in thousands) Sales revenue Operating expenses: Cost of goods sold Depreciation expense Insurance expense General and administrative expense Total operating expenses Income bcforc income taxes Income lax expense Net income 100 1,800 5500 1.500 (600) 900 $ Balance Sheet Information ($ in thousands) Dec 31, 2021 Dec. 31, 2020 300 $ 750 200 830 600 640 Assets: Cash Accounts receivable Inventory Prepaid insurance Equipment Less: Accumulated depreciation Tolal ussels 2.100 (810) $2.000 1,800 (600) $2,850 Liabilities and Shareholders' Lquity: 300 200 Accounts payable Accruedi liubilities for general & adinin, expense) Income taxes payable Notes payable (due 12/31/2022) Common stock Retained carnings Tolal liabilities and starelokiers'equily 800 $ 300 100 150 600 800 510 $ 2,850 JUU 500 $3,000 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)Step by Step Solution
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