TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 $7,000 ($ 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 $3,360 240 100 1,800 5,500 1,500 (600) $ 900 Dec. 31, 2021 Dec 31, 2020 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 & admin. expense) Income taxes payable Notes payable due 12/31/2022) Common stock Retained earnings Totai liabilities and shareholders' equity $ 300 750 640 50 2,100 (840) $3,000 $ 200 830 600 20 1.800 (600) $2.850 $ 300 300 200 800 900 500 $3,000 $360 400 150 600 800 540 $2.850 Statement of cash flows, direct Refer to the situation described in E 4-20. I Required: Prepare the cash flows from operating activities section of Tiger's 2021 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 216 SECTION 1 The Role of Accounting as an Information System debts for accounts receivable. (Hint: Use the Concept Review Exercise at the end of Part B as a guide to help determine your answers)