#21

Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. F4-20 Statement of cash fows: indirect method . 1048 $7,000 TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue Operating expenses: Cost of goods sold $3.360 Depreciation expense 240 Insurance expense 100 General and administrative expense 1,800 Total operating expenses Income before income taxes Income tax expense Net income 5,500 1,500 (600) $ 900 Dec. 31, 2021 Dec. 31, 2020 es. nd $ 300 750 640 50 2.100 (840) $3.000 $ 200 830 600 20 1,800 (600) $2,850 Balance Sheet Information ($ 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 Income taxes payable Notes payable (due 12/31/2022) Common stock Retained earnings Total liabilities and shareholders' equity $ 300 300 200 800 900 500 $3,000 $ 360 400 150 600 800 540 $2,850 Required: Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activi- ties. (Hint: You will have to calculate dividend payments). E4-21 Statement of cash flows, direct Refer to the situation described in E 4-20. 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 method L04-8 debts for accounts receivable. (Hint: Use the Concept Review Exercise at the end of Part B as a at the FASB website (www.fasb.org). Determine each guide to help 216 SECTION 1 The Role of Accounting as an Information System determine your answers)