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Sales revenue $ 11,500 Operating expenses: Cost of goods sold $ 4,300 Depreciation 330 Insurance 550 Administrative and other 2,700 Total operating expenses 7,880 Income
Sales revenue | $ | 11,500 | ||||
Operating expenses: | ||||||
Cost of goods sold | $ | 4,300 | ||||
Depreciation | 330 | |||||
Insurance | 550 | |||||
Administrative and other | 2,700 | |||||
Total operating expenses | 7,880 | |||||
Income before income taxes | 3,620 | |||||
Income tax expense | 1,448 | |||||
Net income | $ | 2,172 | ||||
Balance Sheet Information ($ in thousands) | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Assets: | ||||||
Cash | $ | 480 | $ | 290 | ||
Accounts receivable | 795 | 920 | ||||
Inventory | 775 | 690 | ||||
Prepaid insurance | 140 | 65 | ||||
Plant and equipment | 3,000 | 2,250 | ||||
Less: Accumulated depreciation | (1,020 | ) | (690 | ) | ||
Total assets | $ | 4,170 | $ | 3,525 | ||
Liabilities and Shareholders' Equity: | ||||||
Accounts payable | $ | 345 | $ | 450 | ||
Payables for administrative and other expenses | 345 | 490 | ||||
Income taxes payable | 260 | 240 | ||||
Note payable (due 12/31/2014) | 1,120 | 800 | ||||
Common stock | 1,080 | 890 | ||||
Retained earnings | 1,020 | 655 | ||||
Total liabilities and shareholders' equity | $ | 4,170 | $ | 3,525 | ||
Required: |
Prepare Tigers 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.) |
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