Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands)) Sales revenue. Operating expenses: Cost of goods sold Depreciation expense Insurance expense General and administrative expense Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid insurance Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & administrative expense) Income taxes payable Notes payable (due 12/31/2022) Common stock Retained earnings Total liabilities and shareholders' equity $10,500 $4,100 310 450 2,500 7,360 3,140 (1,256) Dec. 31,2021 $ 1,884 Dec. 31, 2020 $ 4401 $ 270 785 900 745 670 120 55 2,8001 2,150 (980) (670) $3,910 $ 3,375 $ 335 $ 430 335 470 235 220 1,000 700 1,040 870 965 685 $3,910 3,375 Required: Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: Y to calculate dividend payments). (Enter your answers in thousands. Amounts to be deducted should be indicated with sign.) TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Net income Adjustments for noncash effects: Depreciation expense Changes in operating assets and liabilities: Decrease in accounts receivable Increase in inventory Increase in prepaid insurance $ 1,884 310 Decrease in accounts payable Decrease in accrued liabilities Increase in income taxes payable 115 (75) (65) (95) (135) 15 Net cash flows from operating activities. $ 1,954 Increase in inventory (650) Increase in prepaid Insurance Issuance of common stock (650) Issuance of notes payable Purchase of equipment 170 Net cash flows from financing activities Net increase in cash Cash, January 1 Cash, December 31 300 470 1,774 $ 1,774 Answer is not complete. TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2021 Cash flows from operating activities: Net income Adjustments for noncash effects: Depreciation expense ($ in thousands) Changes in operating assets and liabilities: Decrease in accounts receivable $ 1,884 310 Increase in inventory Increase in prepaid insurance Decrease in accounts payable Decrease in accrued liabilities Increase in income taxes payable Net cash flows from operating activities Cash flows from investing activities: Purchase of equipment Net cash flows from investing activities Cash flows from financing activities: Issuance of common stock Issuance of notes payable Net cash flows from financing activities Net increase in cash Cash, January 1 Cash, December 31 + 115 (75) (65) (95) (135) 15 S 1,954 (650) (650) 170 300 470 1,774 $ 1,774