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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,
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 $17,000 Operating expenses: $ 5,400 440 , 100 3,800 Cost of goods sold Depreciation Insurance Administrative and other 10,740 6,260 2, 504 $ 3,756 Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid insurance Plant and equipment Dec. 31,2018 Dec. 31, 2017 $ 700 850 870 170 3,600 $400 1,030 800 2,800 800 Less: Accumulated depreciation (1,240) Total assets $4,950 $ 4,285 Liabilities and Shareholders' Equity: Accounts payable Payables for administrative and other expenses Income taxes payable Note payable (due 12/31/2019) Common stock Retained earnings $ 400 400 380 1,280 1,180 1,310 $4,950 $ 560 600 350 950 1,000 825 $ 4,285 Total liabilities and shareholders equity 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). (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus
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