Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. $7,540 TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 (s in thousands) Sales revenue Operating expenses: Cost of goods sold $ 3,450 Depreciation expense 330 Insurance expense 190 General and administrative expense 1.898 Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Informations in thousands) Dec. 31, 2021 Assets: Cash $ 390 Accounts receivable 840 Inventory 730 Prepaid insurance 95 Equipment 2,550 Less: Accumulated depreciation (1,020) Total assets $ 3,585 Liabilities and Shareholders' Equity: Accounts payable $ 398 Accrued liabilities for general & administrative expense) 390 Income taxes payable 290 Notes payable (due 12/31/2022) 890 Comon stock 990 Retoined earnings 635 Total liabilities and shareholders equity $ 3,585 5,860 1,689 (690) $ 990 Dec. 31, 2020 $ 290 920 690 65 2.250 (690) $3,525 $ 450 490 240 690 age 765 $3.525 390 290 Accrued liabilities for general administrative expense) Income taxes payable Notes payable (due 12/31/2922) Common stock Retained earnings Total liabilities and shareholders' equity 899 490 240 699 899 990 635 $ 3,585 765 $3,525 Required: Prepare the cash flows from operating activities section of Tiger's 2021 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. (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, 2021 (5 in thousands) Cash flows from operating activities Cash paid for general and administrative expense Cash paid for merchandise Cash paid for insurance Cash paid for income taxes Cash received from customers Net cash flows from operating activities S 0 Prev 1 of 3 !!! Next >