Refer to the situation described in E 4–20.

Data from in E4-20

Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises.

Required:
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. (Hint: Use the Concept Review Exercise at the end of Part B as a guide to help determine your answers).

Transcribed Image Text:

TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2024 $3,360 240 100 1,800 ($ 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 $7,000 5,500 1,500 (600) $ 900