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Accounting
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) Common stock Retained earnings Total liabilities and shareholders' equity $ 3,460 340 200 1,900 December 31, 2024 $ 400 850 740 100 2,600 (1,040) $ 3,650 $ 400 400 300 900 1,000 650 $ 3,650 $ 7,600 5,900 1,700 (700) $ 1,000 December 31, 2023 $ 300 930 700 70 2,300 (700) $ 3,600 $ 460 500 250 700 900 790 $ 3,600 Required: Prepare the cash flows from operating activities section of Tiger's 2024 statement of cash flows using the d all purchases and sales of inventory are on account, and that there are no anticipated bad debts for accoun Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.

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) Common stock Retained earnings Total liabilities and shareholders' equity $ 3,460 340 200 1,900 December 31, 2024 $ 400 850 740 100 2,600 (1,040) $ 3,650 $ 400 400 300 900 1,000 650 $ 3,650 $ 7,600 5,900 1,700 (700) $ 1,000 December 31, 2023 $ 300 930 700 70 2,300 (700) $ 3,600 $ 460 500 250 700 900 790 $ 3,600 Required: Prepare the cash flows from operating activities section of Tiger's 2024 statement of cash flows using the d all purchases and sales of inventory are on account, and that there are no anticipated bad debts for accoun Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ces Sales revenue Operating expenses: Cost of goods sold Depreciation expense Income Statement For the Year Ended December 31, 2024 ($ in thousands) 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) Common stock Retained earnings Total liabilities and shareholders' equity $ 3,460 340 200 1,900 December 31, 2024 $ 400 850 740 100 2,600 (1,040) $ 3,650 $ 400 400 300 900 1,000 650 $ 3,650 $ 7,600 5,900 1,700 (700) $ 1,000 December 31, 2023 $ 300 930 700 70 2,300 (700) $ 3,600 $ 460 500 250 700 900 790 $ 3,600 Required: Prepare the cash flows from operating activities section of Tiger's 2024 statement of cash flows using the dir all purchases and sales of inventory are on account, and that there are no anticipated bad debts for accounts Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.
Transcribed Image Text:ces Sales revenue Operating expenses: Cost of goods sold Depreciation expense Income Statement For the Year Ended December 31, 2024 ($ in thousands) 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) Common stock Retained earnings Total liabilities and shareholders' equity $ 3,460 340 200 1,900 December 31, 2024 $ 400 850 740 100 2,600 (1,040) $ 3,650 $ 400 400 300 900 1,000 650 $ 3,650 $ 7,600 5,900 1,700 (700) $ 1,000 December 31, 2023 $ 300 930 700 70 2,300 (700) $ 3,600 $ 460 500 250 700 900 790 $ 3,600 Required: Prepare the cash flows from operating activities section of Tiger's 2024 statement of cash flows using the dir all purchases and sales of inventory are on account, and that there are no anticipated bad debts for accounts Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.
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