Exercise 4-20 (Algo) 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 Operating expenses: Cost of goods sold Depreciation expense Insurance expense General and administrative expense Total operating expenses Income before income taxes Income tax expense Net income $ 16,500 $ 5,300 430 1,050 3,700 10,480 6,020 (2,408) $ 3,612 December 31, Balance Sheet Information ($ in thousands) December 31, 2023 2024 Assets: Cash Accounts receivable Inventory Prepaid insurance Equipment $ 680 845 855 160 3,500 $ 390 1,020 790 50 Less: Accumulated depreciation (1,220) 2,750 (790) Total assets $ 4,210 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 Required: $ 4,820 $ 395 $ 550 395 590 375 340 1,220 900 1,160 990 1,275 840 $ 4,820 $ 4,210 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. TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2024 ($ in thousands) Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities:
Exercise 4-20 (Algo) 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 Operating expenses: Cost of goods sold Depreciation expense Insurance expense General and administrative expense Total operating expenses Income before income taxes Income tax expense Net income $ 16,500 $ 5,300 430 1,050 3,700 10,480 6,020 (2,408) $ 3,612 December 31, Balance Sheet Information ($ in thousands) December 31, 2023 2024 Assets: Cash Accounts receivable Inventory Prepaid insurance Equipment $ 680 845 855 160 3,500 $ 390 1,020 790 50 Less: Accumulated depreciation (1,220) 2,750 (790) Total assets $ 4,210 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 Required: $ 4,820 $ 395 $ 550 395 590 375 340 1,220 900 1,160 990 1,275 840 $ 4,820 $ 4,210 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. TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2024 ($ in thousands) Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities:
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 10E
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