TIGER ENTERPRISES
Income Statement
For the Year Ended December 31, 2024
($ in thousands)
Sales revenue		$ 7,720
Operating expenses:
Cost of goods sold	$ 3,480
Depreciation expense	360
Insurance expense	220
General and administrative expense	1,920
Total operating expenses		5,980
Income before income taxes		1,740
Income tax expense		(720)
Net income		$ 1,020
Balance Sheet Information ($ in thousands)	December 31, 2024	December 31, 2023
Assets:
Cash	$ 420	$ 320
Accounts receivable	870	950
Inventory	760	720
Prepaid insurance	110	80
Equipment	2,700	2,400
Less: Accumulated depreciation	(1,080)	(720)
Total assets	$ 3,780	$ 3,750
Liabilities and Shareholders' Equity:
Accounts payable	$ 420	$ 480
Accrued liabilities (for general & administrative expense)	420	520
Income taxes payable	320	270
Notes payable (due 12/31/2025)	920	720
Common stock	1,020	920
Retained earnings	680	840
Total liabilities and shareholders' equity	$ 3,780	$ 3,750

Required:

Create 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 Cash flows from operating activities: ($ in thousands) Net cash flows from operating activities 69