Exercise $4-20($Static$)$ Statement of cash flows; indirect method $[$LO$4-8]$

Presented below is the $2024$ income statement and comparative balance sheet information for Tiger Enterprises.

TIGER ENTERPRISES

Income Statement

For the Year Ended December $31,2024$

$($$ in thousands$)$

Sales revenue $ $7,000$

Operating expenses:

Cost of goods sold $ $3,360$

Depreciation expense $240$

Insurance expense $100$

General and administrative expense $1,800$

Total operating expenses $5,500$

Income before income taxes $1,500$

Income tax expense $(600)$

Net income $ $900$

Balance Sheet Information $($$ in thousands$)$ December $31,2024$ December $31,2023$

Assets:

Cash $ $300$ $ $200$

Accounts receivable $750830$

Inventory $640600$

Prepaid insurance $5020$

Equipment $2,1001,800$

Less: Accumulated depreciation $(840)(600)$

Total assets $ $3,000$ $ $2,850$

Liabilities and Shareholders' Equity:

Accounts payable $ $300$ $ $360$

Accrued liabilities $($for general & administrative expense$)300400$

Income taxes payable $200150$

Notes payable $($due $12/31/2025)800600$

Common stock $900800$

Retained earnings $500540$

Total liabilities and shareholders' equity $ $3,000$ $ $2,850$

Required:

Prepare Tiger$$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.