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Presented below is the 2016 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31,
Presented below is the 2016 income statement and comparative balance sheet information for Tiger Enterprises. |
TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2016 ($ in thousands) | ||||||
Sales revenue | $ | 17,000 | ||||
Operating expenses: | ||||||
Cost of goods sold | $ | 5,400 | ||||
Depreciation | 440 | |||||
Insurance | 1,100 | |||||
Administrative and other | 3,800 | |||||
Total operating expenses | 10,740 | |||||
Income before income taxes | 6,260 | |||||
Income tax expense | 2,504 | |||||
Net income | $ | 3,756 | ||||
Balance Sheet Information ($ in thousands) | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Assets: | ||||||
Cash | $ | 700 | $ | 400 | ||
Accounts receivable | 850 | 1,030 | ||||
Inventory | 870 | 800 | ||||
Prepaid insurance | 170 | 55 | ||||
Plant and equipment | 3,600 | 2,800 | ||||
Less: Accumulated depreciation | (1,240 | ) | (800 | ) | ||
Total assets | $ | 4,950 | $ | 4,285 | ||
Liabilities and Shareholders' Equity: | ||||||
Accounts payable | $ | 400 | $ | 560 | ||
Payables for administrative and other expenses | 400 | 600 | ||||
Income taxes payable | 380 | 350 | ||||
Note payable (due 12/31/2017) | 1,280 | 950 | ||||
Common stock | 1,180 | 1,000 | ||||
Retained earnings | 1,310 | 825 | ||||
Total liabilities and shareholders' equity | $ | 4,950 | $ | 4,285 | ||
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.) (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) |
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