Presented below is the 2021 Income statement and comparative balance sheet Information for Tiger Enterprise $17,000 $5,400 440 1.100 3,800 10,740 6,260 (2,504) $ 3,756 Dec 31, 2020 Dec. 31,2021 TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 (s 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 Balance Sheet Information ($ in thousands) Assets Cash Accounts receivable 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 $ 700 850 870 270 3,600 (1,240) $ 4,950 5 400 1.030 800 55 2,800 (800) $ 4,285 $ 400 480 380 1,280 1,180 1,310 $ 4,958 560 600 350 950 1,800 825 $ 4,285 Required: 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 5 0 Net cash flows from operating activities Cash flows from investing activities: Purchase of equipment 0 Net cash flows from investing activities Cash flows from financing activities: Issuance of common stock Dividends paid to shareholders 0 0 Net cash flows from financing activities Net increase in cash Cash, January 1 rach Doramhor 21 nl