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
Related questions
Question
![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
3,100
(1,040)
70
2,300
(700)
$ 4,300
$ 3,600
$ 350
$ 460
350
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff2f7dec7-3357-4ffd-9b0c-3255a55bd67f%2Fb9cce5c0-292e-41f8-8610-60fc94eaed70%2F4ul0pqk_processed.png&w=3840&q=75)
Transcribed Image Text: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
3,100
(1,040)
70
2,300
(700)
$ 4,300
$ 3,600
$ 350
$ 460
350
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
