Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises. Sales...
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Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises. Sales revenue Operating expenses: Cost of goods sold Depreciation expense For the Year Ended December 31, 2024 ($ in thousands) Insurance expense General and administrative expense TIGER ENTERPRISES Income Statement Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory 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 12/31/2025) Common stock Retained earnings Total liabilities and shareholders' equity $4,600 360 700 3,000 December 31, 2024 $ 540 810 750 170 3,300 (1,080) $ 4,490 $360 360 290 1,300 1,020 1,160 $ 4,490 $ 13,000 8,660 4,340 (1,736) $ 2,604 December 31, 2023 $ 320 950 720 80 2,400 (720) $ 3,750 $ 480 520 270 950 920 610 $3,750 Required: Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will have to calculate dividend payments). Note: Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign. Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities: ($ in thousands) Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase in cash Cash, January 1. Cash, December 31 Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises. Sales revenue Operating expenses: Cost of goods sold Depreciation expense For the Year Ended December 31, 2024 ($ in thousands) Insurance expense General and administrative expense TIGER ENTERPRISES Income Statement Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory 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 12/31/2025) Common stock Retained earnings Total liabilities and shareholders' equity $4,600 360 700 3,000 December 31, 2024 $ 540 810 750 170 3,300 (1,080) $ 4,490 $360 360 290 1,300 1,020 1,160 $ 4,490 $ 13,000 8,660 4,340 (1,736) $ 2,604 December 31, 2023 $ 320 950 720 80 2,400 (720) $ 3,750 $ 480 520 270 950 920 610 $3,750 Required: Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will have to calculate dividend payments). Note: Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign. Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities: ($ in thousands) Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase in cash Cash, January 1. Cash, December 31
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