Refer to the situation described in E 4-20.

Required:
Prepare the cash flows from operating activities section of Tiger's 2018 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. (Use T-accounts for the pertinent items to isolate the information needed for the statement).

Transcribed Image Text:

TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2018 $7,000 $3,360 Administrative and other expenses Income before income taxes $ 900 Balance Sheet Information($ in thousands) 8 7 $ 200 Accounts receivable 1,800 Less: Accumulated depreciation Llablltles and Shareholders' Equity: Payables for administraive and other expenses Note payable (due 12/31/2019) $3,000 Total liabilities and shareholders' equity