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E 4-20 Statement of cash flows, indirect method LO4-8 Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2024 ($ in thousands) Sales revenue $7,000 Operating expenses: Cost of goods sold Depreciation expense $3,360 240 Insurance expense Total operating expenses 100 General and administrative expense 1,800 5,500 Income before income taxes 1,500 Income tax expense (600) Net income $ 900 Balance Sheet Information ($ in thousands) Dec. 31, 2024 Dec. 31, 2023 Assets: Cash $ 300 $ 200 Accounts receivable 750 830 Inventory 640 600 Prepaid insurance Equipment $50 20 2,100 1,800 Less: Accumulated depreciation Total assets (840) $3,000 (600) $2,850 Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & admin. expense) Income taxes payable Notes payable (due 12/31/2024) $ 300 $ 360 300 400 200 150 800 600 Common stock 900 800 Retained earnings 500 540 Total liabilities and shareholders' equity Required: $3,000 $2,850 Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activi- ties. (Hint: You will have to calculate dividend payments).

E 4-20 Statement of cash flows, indirect method LO4-8 Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2024 ($ in thousands) Sales revenue $7,000 Operating expenses: Cost of goods sold Depreciation expense $3,360 240 Insurance expense Total operating expenses 100 General and administrative expense 1,800 5,500 Income before income taxes 1,500 Income tax expense (600) Net income $ 900 Balance Sheet Information ($ in thousands) Dec. 31, 2024 Dec. 31, 2023 Assets: Cash $ 300 $ 200 Accounts receivable 750 830 Inventory 640 600 Prepaid insurance Equipment $50 20 2,100 1,800 Less: Accumulated depreciation Total assets (840) $3,000 (600) $2,850 Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & admin. expense) Income taxes payable Notes payable (due 12/31/2024) $ 300 $ 360 300 400 200 150 800 600 Common stock 900 800 Retained earnings 500 540 Total liabilities and shareholders' equity Required: $3,000 $2,850 Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activi- ties. (Hint: You will have to calculate dividend payments).

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 47E
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E 4-20 Statement of cash flows, indirect method LO4-8 Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2024 ($ in thousands) Sales revenue $7,000 Operating expenses: Cost of goods sold Depreciation expense $3,360 240 Insurance expense Total operating expenses 100 General and administrative expense 1,800 5,500 Income before income taxes 1,500 Income tax expense (600) Net income $ 900 Balance Sheet Information ($ in thousands) Dec. 31, 2024 Dec. 31, 2023 Assets: Cash $ 300 $ 200 Accounts receivable 750 830 Inventory 640 600 Prepaid insurance Equipment $50 20 2,100 1,800 Less: Accumulated depreciation Total assets (840) $3,000 (600) $2,850 Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & admin. expense) Income taxes payable Notes payable (due 12/31/2024) $ 300 $ 360 300 400 200 150 800 600 Common stock 900 800 Retained earnings 500 540 Total liabilities and shareholders' equity Required: $3,000 $2,850 Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activi- ties. (Hint: You will have to calculate dividend payments).
Transcribed Image Text:E 4-20 Statement of cash flows, indirect method LO4-8 Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2024 ($ in thousands) Sales revenue $7,000 Operating expenses: Cost of goods sold Depreciation expense $3,360 240 Insurance expense Total operating expenses 100 General and administrative expense 1,800 5,500 Income before income taxes 1,500 Income tax expense (600) Net income $ 900 Balance Sheet Information ($ in thousands) Dec. 31, 2024 Dec. 31, 2023 Assets: Cash $ 300 $ 200 Accounts receivable 750 830 Inventory 640 600 Prepaid insurance Equipment $50 20 2,100 1,800 Less: Accumulated depreciation Total assets (840) $3,000 (600) $2,850 Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & admin. expense) Income taxes payable Notes payable (due 12/31/2024) $ 300 $ 360 300 400 200 150 800 600 Common stock 900 800 Retained earnings 500 540 Total liabilities and shareholders' equity Required: $3,000 $2,850 Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activi- ties. (Hint: You will have to calculate dividend payments).
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