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 | $ 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.
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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