N 3 7 8 9 10 11 16 17 M 1 Prepare a statement of cash flows. Use the direct and indirect methods for the operating section. 2 Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2018 (s in thousands) Sales revenue $ 7,000 Operating expenses: Cost of goods sold $ 3,360 Depreciation 240 12 Insurance 100 Administrative and other 13 1,800 Total operating expenses 14 5.500 Income before income taxes 15 1,500 Income tax expense 600 Net income $ 900 18 Balance Sheet Information (S in thousands) Dec. 31,2018 Dec 31, 2017 Assets 19 Cash 300 20 200 Accounts receivable 750 21 830 Inventory 640 600 22 Prepaid insurance 50 20 23 Plant and equipment 2,100 1,800 Less: Accumulated depreciation (840) (600) Total assets $ 3,000 $ 2,850 26 Liabilities and Shareholders' Equity: 27 Accounts payable $ 300 $ 360 28 Payables for administrative and other expenses 300 400 29 Income taxes payable 200 150 30 Note payable (due 12/31/2019) 800 600 31 Common stock 900 800 Retained earnings 500 540 Total liabilities and shareholders' equity $ 3,000 $ 2,850 34 24 25 32 33 35 36