Exercise 4-21 (Algo) Statement of cash flows; direct 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 Operating expenses: Cost of goods sold Depreciation expense Insurance expense General and administrative expense Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Dec. 31,2021 $ 360 810 Prepaid insurance Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & administrative expense) Income taxes payable Notes payable (due 12/31/2022) Retained earnings Common stock Total liabilities and shareholders' equity $ 7,360 $ 3,420 300 160 1,860 5,740 1,620 (660) $ 960 Dec. 31, 2020 $ 260 890 700 660 80 50 2,400 2,100 (960) (660) $ 3,390 $ 3,300 $ 360 $ 420 360 460 260 210 860 660 960 860 590 690 $3,390 $ 3,300 Retained earnings Total liabilities and shareholders' equity 590 $3,390 690 $ 3,300 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 debts for accounts receivable. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Net cash flows from operating activities