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 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 12/31/2025) Common stock Retained earnings Total liabilities and shareholders' equity Required: $ 7,540 $ 3,450 330 190 1,890 5,860 1,680 (690) $ 990 December 31, 2024 December 31, 2023 $ 390 $ 290 840 730 920 690 95 65 2,550 (1,020) $ 3,585 2,250 (690) $ 3,525 $ 390 $ 450 390 490 290 240 890 690 990 890 635 765 $ 3,585 $ 3,525 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. Note: 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, 2024 ($ in thousands) Cash flows from operating activities: Cash received from customers 7,620 Cash paid for merchandise 3,550 Cash paid for insurance 220 Cash paid for general and administrative expense 1,990 840 Cash paid for income taxes Net cash flows from operating activities $ 14,220