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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,
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 $19,500 Operating expenses: Cost of goods sold $4,100 Depreciation expense 310 Insurance expense 450 General and administrative expense 2,500 Total operating expenses 7,360 Income before income taxes 3,140 Income tax expense (1,256) Net income $ 1,884 Balance Sheet Information ($ in thousands) Dec. 31, 2021 Dec. 31, 2020 Assets: Cash $ 440 $ 270 Accounts receivable 785 900 Inventory 745 670 Prepaid insurance 120 55 Equipment 2,800 2,150 Less: Accumulated depreciation (980) (670) 743 120 2,800 (980) $ 3,910 070 55 2,150 (670) $ 3,375 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 $ $ 335 335 235 1,290 1,040 965 $ 3,910 430 470 220 700 870 685 $ 3,375 Required: Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: 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: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase in cash Cash, January 1 Cash, December 31
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