Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. $17,000 10,740 6,260 (2,504) $ 3,756 Dec. 31, 2020 TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue Operating expenses : Cost of goods sold $ 5,400 Depreciation expense 440 Insurance expense 1,100 General and administrative expense 3,800 Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Dec. 31,2021 Assets: Cash $ 700 Accounts receivable 850 Inventory 870 Prepaid insurance 170 Equipment 3,600 Less: Accumulated depreciation (2,240) Total assets $ 4,950 Liabilities and Shareholders' Equity: Accounts payable 400 Accrued liabilities (for general & administrative expense) 400 Income taxes payable 380 Notes yable (due 12/31/2022) 1,280 Common stock 1,180 Retained earnings 1,310 Total liabilities and shareholders' equity $ 4,950 $ 400 1,030 800 55 2,800 (800) $ 4,285 $ 560 600 350 950 1,000 825 $ 4,285 3,756 TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2021 (s 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 Decrease in accounts payable Decrease in accrued liabilities Increase in income taxes payable 440 Net cash flows from operating activities Cash flows from investing activities: Purchase of equipment $ 4,196 0 Net cash flows from investing activities Cash flows from financing activities: Issuance of common stock Dividends paid to shareholders Issuance of notes payable 0 Net cash flows from financing activities Net increase in cash Cash, January 1 Cash, December 31 4.196 $ 4.196 Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises $17,000 10, 740 6,260 (2,504) $ 3,756 Dec. 31, 2020 TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands Sales revenue Operating expenses: Cost of goods sold $ 5,400 Depreciation expense 440 Insurance expense 1,100 General and administrative expense 3,800 Total operating expenses Income before income taxes Income tax expense Net income Balance sheet Information ($ in thousands) Dec. 31,2021 Assets: Cash $ 700 Accounts receivable 850 Inventory 870 Prepaid insurance 170 Equipment 3,600 Less: Accumulated depreciation (1,240) Total assets $ 4,950 Liabilities and Shareholders' Equity: Accounts payable $ 400 Accrued liabilities (for general 6 administrative expense) 400 Income taxes payable 380 Notes payable (due 12/31/2022) 1,280 Common stock 1,180 Retained earnings 2,310 Total liabilities and shareholders' equity $ 4,950 $ 400 1,030 800 55 2,800 (800) $ 4,285 $ 560 600 350 950 1,000 825 $ 4,285 Required: Prepare Tiger's statement of cash flows, using the Indirect method to present cash flows from operating activities. (H to calculate dividend payments). (Enter your answers in thousands. Amounts to be deducted should be indicated sign.) TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2021 (s in thousands)
