TIGER ENTERPRISES
Income Statement
For the Year Ended December 31, 2024
($ in thousands)
Sales revenue		$ 13,500
Operating expenses:
Cost of goods sold	$ 4,700
Depreciation expense	370
Insurance expense	750
General and administrative expense	3,100
Total operating expenses		8,920
Income before income taxes		4,580
Income tax expense		(1,832)
Net income		$ 2,748
Balance Sheet Information ($ in thousands)	December 31, 2024	December 31, 2023
Assets:
Cash	$ 560	$ 330
Accounts receivable	815	960
Inventory	765	730
Prepaid insurance	100	20
Equipment	3,400	2,450
Less: Accumulated depreciation	(1,100)	(730)
Total assets	$ 4,540	$ 3,760
Liabilities and Shareholders' Equity:
Accounts payable	$ 365	$ 490
Accrued liabilities (for general & administrative expense)	365	530
Income taxes payable	295	280
Notes payable (due 12/31/2025)	1,200	800
Common stock	1,040	930
Retained earnings	1,275	730
Total liabilities and shareholders' equity	$ 4,540	$ 3,760

Required:

CreateTiger'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.

Transcribed Image Text:

TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2024 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: $ 0 TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2024 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: $ 0