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 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) Retained earnings Common stock Total liabilities and shareholders' equity Required: $ 12,000 $ 4,400 340 600 2,800 8,140 3,860 (1,544) $ 2,316 December 31, 2024 December 31, 2023 $ 500 $ 300 800 930 790 700 150 70 3,100 2,300 (700) (1,040) $ 4,300 $ 350 350 $ 3,600 $ 460 500 265 250 1,180 850 1,100 900 1,055 640 $ 4,300 $ 3,600 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.
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 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) Retained earnings Common stock Total liabilities and shareholders' equity Required: $ 12,000 $ 4,400 340 600 2,800 8,140 3,860 (1,544) $ 2,316 December 31, 2024 December 31, 2023 $ 500 $ 300 800 930 790 700 150 70 3,100 2,300 (700) (1,040) $ 4,300 $ 350 350 $ 3,600 $ 460 500 265 250 1,180 850 1,100 900 1,055 640 $ 4,300 $ 3,600 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.
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter15: Statement Of Cash Flows
Section: Chapter Questions
Problem 19E
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