Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2024 ($ in thousands) Sales revenue $ 7,300 Operating expenses: Cost of goods sold $ 3,410 Depreciation expense 290 Insurance expense 150 General and administrative expense 1,850 Total operating expenses 5,700 Income before income taxes 1,600 Income tax expense (650) Net income $ 950 Balance Sheet Information ($ in thousands) December 31, 2024 December 31, 2023 Assets: Cash $ 350 $ 250 Accounts receivable 800 880 Inventory 690 650 Prepaid insurance 75 45 Equipment 2,350 2,050 Less: Accumulated depreciation (940) (650) Total assets $ 3,325 $ 3,225 Liabilities iabilities and Shareholders' Equity:Accounts payable$ 350$ 410Accrued liabilities (for general & administrative expense)350450Income taxes payable250200Notes payable (due 12/31/2025)850650Common stock950850Retained earnings575665Total liabilities and shareholders' equity$ 3,325$ 3,225

Prepare the cash flows from operating activities section of Tiger's 2024 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.

TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2024 ( $ in thousands) \begin{tabular}{|l|r|r|} \hline Cash flows from operating activities: & & \\ \hline Cash received from customers & 7,380 & \\ \hline Cash paid for income taxes & & \\ \hline Cash paid for general and administrative expense & & \\ \hline Cash paid for insurance & & \\ \hline Cash paid for merchandise & & \\ \hline & & \\ \hline Net cash flows from operating activities & & \\ \hline \end{tabular}