3.

Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises.

TIGER ENTERPRISES
Income Statement
For the Year Ended December 31, 2021
($ 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)	Dec. 31,2021						Dec. 31, 2020
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 12/31/2022)			1,200						800
Common stock			1,040						930
Retained earnings			1,275						730
Total liabilities and shareholders' equity		$	4,540					$	3,760

Required: Prepare Tigers statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will have to calculate dividend payments). (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.)