Item3

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Item 3

Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises.

TIGER ENTERPRISES
Income Statement
For the Year Ended December 31, 2024
($ in thousands)
Sales revenue		$ 16,000
Operating expenses:
Cost of goods sold	$ 5,200
Depreciation expense	420
Insurance expense	1,000
General and administrative expense	3,600
Total operating expenses		10,220
Income before income taxes		5,780
Income tax expense		(2,312)
Net income		$ 3,468
Balance Sheet Information ($ in thousands)	December 31, 2024	December 31, 2023
Assets:
Cash	$ 660	$ 380
Accounts receivable	840	1,010
Inventory	840	780
Prepaid insurance	150	45
Equipment	3,400	2,700
Less: Accumulated depreciation	(1,200)	(780)
Total assets	$ 4,690	$ 4,135
Liabilities and Shareholders' Equity:
Accounts payable	$ 390	$ 540
Accrued liabilities (for general & administrative expense)	390	580
Income taxes payable	370	330
Notes payable (due 12/31/2025)	1,160	850
Common stock	1,140	980
Retained earnings	1,240	855
Total liabilities and shareholders' equity	$ 4,690	$ 4,135

Required:

Prepare Tigers statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will have to calculate dividend payments).