Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises. $ 8,080 6,220 1,860 780 $ 1,080 Dec. 31, 2017 TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2018 ($ in thousands) Sales revenue Operating expenses: Cost of goods sold $ 3,540 Depreciation 420 Insurance 280 Administrative and other 1,980 Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Dec. 31, 2018 Assets: Cash 480 Accounts receivable 930 Inventory 820 Prepaid insurance 140 Plant and equipment 3,000 Less: Accumulated depreciation (1,200) Total assets $ 4,170 Liabilities and Shareholders' Equity: Accounts payable $ 480 Payables for administrative and other expenses 480 Income taxes payable 380 Note payable (due 12/31/2019) 980 Common stock 1,080 Retained earnings 770 Total liabilities and shareholders' equity $ 4,170 $ 380 1,010 780 110 2,700 (780) $ 4,200 540 580 330 780 980 990 $ 4,200 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 ($ in thousands) Cash flows from operating activities: Net cash flows from operating activities