Answered step by step
Verified Expert Solution
Question
1 Approved Answer
REQUIRED: Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will have to calculate dividend
REQUIRED: Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will have to calculate dividend payments). (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises $9,000 6,580 2,420 (968) $1,452 Dec. 31, 2020 TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue Operating expenses: Cost of goods sold $3,800 Depreciation expense 280 Insurance expense 300 General and administrative expense 2,200 Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Dec. 31, 2021 Assets: Cash $ 380 Accounts receivable 770 Inventory 700 Prepaid insurance 90 Equipment 2,500 Less: Accumulated depreciation (920) Total assets $3,520 Liabilities and Shareholders' Equity: Accounts payable $ 320 Accrued liabilities (for general & administrative expense) 320 Income taxes payable 220 Notes payable (due 12/31/2022) 1,040 Common stock 989 Retained earnings 640 Total liabilities and shareholders' equity $3,520 $ 240 870 640 40 2,000 (640) $3,150 $ 400 440 190 800 840 480 $3,150 TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase in cash Cash, January 1 Cash, December 31
REQUIRED: Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will have to calculate dividend payments). (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started