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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 ($ in thousands) Sales revenue $7,060 Operating expenses: Cost of g0ods sold $3,370 250 Depreciation Insurance Administrative and other Total operating expenses Income before income taxes Income tax expense 110 1,810 5,548 1,520 610 Net income 910 Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid insurance Plant and equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Payables for adeinistrative and other expenses Income taxes payable Note payable (due 12/31/2019) Common stock Retained earnings Total liabilities and shareholders' equity Dec. 31,2018 Dec. 31, 2017 S 310 760 650 55 2,150 210 840 610 25 1,850 (610) $2,925 (860) $ 3,065 310 370 410 160 610 310 210 810 910 515 810 565 $ 3,065 $ 2,925 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. 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.) Use T- Prey 1 of 4 Next > $2,925 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 (S in thousands) Cash flows from operating activities Net cash flows from operating activities