Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December
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 $11,000 $ 4,200 320 500 2,600 7,620 3,380 (1,352) Balance Sheet Information ($ in thousands) Dec. 31,2021 $ 2,028 Dec. 31, 2020 Assets: Cash $ 460 $ 280 Accounts receivable 790 910 Inventory 760 680 Prepaid insurance 130 60 Equipment 2,900 2,200 Less: Accumulated depreciation (1,000) (680) Total assets $ 4,040 $ 3,450 Liabilities and Shareholders' Equity: Accounts payable $ 340 $ 440 Accrued liabilities (for general & administrative expense) Income taxes payable 340 480 240 230 Notes payable (due 12/31/2022) 1,060 750 Common stock Retained earnings 1,060 880 1,000 670 Total liabilities and shareholders' equity $ 4,040 $ 3,450 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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started