Exercise 4-21 Statement of cash flows; direct method (LO4-8) 34e Presented below is the 2018 Income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2018 (s in thousands) Sales revenue $7,600 Operating expenses: Cost of goods sold $ 3,450 Depreciation Insurance 200 Administrative and other 1,9ee Total operating expenses 5,900 Income before income taxes 1,700 Income tax expense 700 Net income $1,000 Balance Sheet Information (s in thousands) Dec. 31, 2018 Dec. 31, 2017 Assets: Cash $ 4ee See Accounts receivable sse 93e Inventory 740 700 Prepaid insurance 1ee Plant and equipment 2,6ee 2,3ee Less: Accumulated depreciation (1,840) (700) Total assets $ 3,650 $3,600 Liabilities and Shareholders' Equity: Accounts payable 4ee $ 460 70 Required: Prepare the cash flows from operating activities section of Tiger's 2018 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. Hint Use Taccounts for the pertinent tems to isolate the information needed for the statement.) (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, 2018 (5 in thousands) Cash flows from operating activities Net cash flows from operate activities Required: Prepare the cash flows from operating activities section of Tiger's 2018 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. (Hint: Use T-accounts for the pertinent items to Isolate the information needed for the statement.) (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, 2018 ($ in thousands) Cash flows from operating activities Net cash flows from operating activities