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 $7,000

Operating expenses:

Cost of goods sold $3,360

Depreciation expense 240

Insurance expense 100

General and administrative expense 1,800

Total operating expenses 5,500

Income before income taxes 1,500

Income tax expense -600

Net income $900

Balance Sheet Information ($ in thousands) Dec. 31, 2021 Dec. 31, 2020

Assets:

Cash $300 $200

Accounts receivable 750 830

Inventory 640 600

Prepaid insurance 50 20

Equipment 2,100 1,800

Less: Accumulated depreciation -840 -600

Total assets $3,000 $2,850

Liabilities and Shareholders' Equity:

Accounts payable $300 $360

Accrued liabilities (for general & admin. expense) 300 400

Income taxes payable 200 150

Notes payable (due 12/31/2022) 800 600

Common stock 900 800

Retained earnings 500 540

Total liabilities and shareholders' equity $3,000 $2,850

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).