Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 $ 9,000 Operating expenses: Cost of goods sold $ 3,800 Depreciation 280 Insurance 300 Administrative and other 2,200 Total operating expenses 6,580 Income before income taxes 2,420 Income tax expense 968 Net income $ 1,452 Balance Sheet Information ($ in thousands) Dec. 31,2018 Dec. 31, 2017 Assets: Cash $ 380 $ 240 Accounts receivable 770 870 Inventory 700 640 Prepaid insurance 90 40 Plant and equipment 2,500 2,000 Less: Accumulated depreciation (920 ) (640 ) Total assets $ 3,520 $ 3,150 Liabilities and Shareholders' Equity: Accounts payable $ 320 $ 400 Payables for administrative and other expenses 320 440 Income taxes payable 220 190 Note payable (due 12/31/2019) 1,040 800 Common stock 980 840 Retained earnings 640 480 Total liabilities and shareholders' equity $ 3,520 $ 3,150 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

What is job rotation ?

Answered: 1 week ago