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

Presented below is the 2016 income statement and comparative balance sheet information for Tiger Enterprises.

TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2016 ($ in thousands)
Sales revenue				$	17,000
Operating expenses:
Cost of goods sold	$	5,400
Depreciation		440
Insurance		1,100
Administrative and other		3,800
Total operating expenses					10,740
Income before income taxes					6,260
Income tax expense					2,504
Net income				$	3,756
Balance Sheet Information ($ in thousands)	Dec. 31, 2016			Dec. 31, 2015
Assets:
Cash	$	700		$	400
Accounts receivable		850			1,030
Inventory		870			800
Prepaid insurance		170			55
Plant and equipment		3,600			2,800
Less: Accumulated depreciation		(1,240	)		(800	)
Total assets	$	4,950		$	4,285
Liabilities and Shareholders' Equity:
Accounts payable	$	400		$	560
Payables for administrative and other expenses		400			600
Income taxes payable		380			350
Note payable (due 12/31/2017)		1,280			950
Common stock		1,180			1,000
Retained earnings		1,310			825
Total liabilities and shareholders' equity	$	4,950		$	4,285
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.)