Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises. $7,360 TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2018 ($ in thousands) Sales revenue Operating expenses: Cost of goods sold $3,420 Depreciation 300 Insurance 160 Administrative and other 1,860 Total operating expenses Income before incone taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Dec. 31, 2018 Assets: Cash $ 350 Accounts receivable 810 Inventory 700 Prepaid insurance Plant and equipment 2,488 Lesst Accumulated depreciation (960) Total assets $3,390 Liabilities and Shareholders' Equity: Accounts payable $ 360 Payables for administrative and other expenses 360 Income taxes payable 260 Note payable (due 12/31/2019) 860 Common stock 960 Retained earnings 590 Total liabilities and shareholders' equity $3,390 5,740 1,620 660 $ 960 Dec. 31, 2017 $ 260 890 660 se 2,100 (660) $3,300 $ 420 460 210 650 860 690 $3,300 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 Marine 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 is in thousands) Cash flows from operating activities Net cash flows from operating activities