TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2024 ($ in thousands) Sales revenue $
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Question:
TIGER ENTERPRISES | ||
Income Statement | ||
For the Year Ended December 31, 2024 | ||
($ in thousands) | ||
Sales revenue | $ 13,500 | |
Operating expenses: | ||
Cost of goods sold | $ 4,700 | |
Depreciation expense | 370 | |
Insurance expense | 750 | |
General and administrative expense | 3,100 | |
Total operating expenses | 8,920 | |
Income before income taxes | 4,580 | |
Income tax expense | (1,832) | |
Net income | $ 2,748 | |
Balance Sheet Information ($ in thousands) | December 31, 2024 | December 31, 2023 |
Assets: | ||
Cash | $ 560 | $ 330 |
Accounts receivable | 815 | 960 |
Inventory | 765 | 730 |
Prepaid insurance | 100 | 20 |
Equipment | 3,400 | 2,450 |
Less: Accumulated depreciation | (1,100) | (730) |
Total assets | $ 4,540 | $ 3,760 |
Liabilities and Shareholders' Equity: | ||
Accounts payable | $ 365 | $ 490 |
Accrued liabilities (for general & administrative expense) | 365 | 530 |
Income taxes payable | 295 | 280 |
Notes payable (due 12/31/2025) | 1,200 | 800 |
Common stock | 1,040 | 930 |
Retained earnings | 1,275 | 730 |
Total liabilities and shareholders' equity | $ 4,540 | $ 3,760 |
Required:
CreateTiger's statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will have to calculate dividend payments).
Note: Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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