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 $7,000
Operating expenses:
Cost of goods sold $3,360
Depreciation expense $240
Insurance expense $100
General and administrative expense $1,800
Total operating expenses $5,500
Income before income taxes $1,500
Income tax expense $(600)
Net income $900
Balance Sheet Information ($in thousands):
Dec. 31, 2021 Dec. 31, 2020
Assets
Cash $300 $200
Accounts receivable $750 $830
Inventory $640 $600
Prepaid insurance $50 $20
Equipment $2,100 $1,800
Less: Accumulated depreciation $(840) $(600)
Total assets $3,000 $2,850
Liabilities and Shareholders' Equity:
Accounts payable $300 $360
Accrued liabilities (for general & administrative expense)
$ 300 $400
Income taxes payable $200 $150
Notes payable (due 12/31/2022) $800 $600
Common stock $900 $800
Retained earnings $500 $540
Total liabilities and shareholders' equity $3,000 $2,850
Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities.