Exercise 4-20 (Algo) Statement of cash flows; indirect method [LO4-8]

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								$	12,000
Operating expenses:
Cost of goods sold		$	4,400
Depreciation expense			340
Insurance expense			600
General and administrative expense			2,800
Total operating expenses									8,140
Income before income taxes									3,860
Income tax expense									(1,544	)
Net income								$	2,316
Balance Sheet Information ($ in thousands)	Dec. 31,2021						Dec. 31, 2020
Assets:
Cash		$	500					$	300
Accounts receivable			800						930
Inventory			790						700
Prepaid insurance			150						70
Equipment			3,100						2,300
Less: Accumulated depreciation			(1,040	)					(700	)
Total assets		$	4,300					$	3,600
Liabilities and Shareholders' Equity:
Accounts payable		$	350					$	460
Accrued liabilities (for general & administrative expense)			350						500
Income taxes payable			265						250
Notes payable (due 12/31/2022)			1,180						850
Common stock			1,100						900
Retained earnings			1,055						640
Total liabilities and shareholders' equity		$	4,300					$	3,600

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.)