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Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement Sales revenue For the Year Ended December 31, 2021 ($ in thousands) $10.000

Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement Sales revenue For the Year Ended December 31, 2021 ($ in thousands) $10.000

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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Cash flows from operating activities: Adjustments for noncash effects: TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2021 ($ in thousands) Changes in operating assets and liabilities: Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Cash, January 1 Cash, December 31 Net cash flows from financing activities Net increase in cash $ $ 0 0 0 0 0
Transcribed Image Text:Cash flows from operating activities: Adjustments for noncash effects: TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2021 ($ in thousands) Changes in operating assets and liabilities: Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Cash, January 1 Cash, December 31 Net cash flows from financing activities Net increase in cash $ $ 0 0 0 0 0
Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement 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 For the Year Ended December 31, 2021 ($ in thousands) Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & administrative expense) Income taxes payable Notes payable (due 12/31/2022) Common stock Retained earnings Total liabilities and shareholders' equity Pequired: $ 4,000 300 400 2,400 Dec. 31, 2021 $ 420 780 730 110 $ 2,700 (960) $ 3,780 330 330 230 1,160 1,020 710 $ 3,780 $10,000 7,100 2,900 (1,160) $ 1,740 Dec. 31, 2020 $ 260 890 660 50 $ 2,100 (660) $ 3,300 420 460 210 900 860 450 $ 3,300
Transcribed Image Text:Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement 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 For the Year Ended December 31, 2021 ($ in thousands) Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & administrative expense) Income taxes payable Notes payable (due 12/31/2022) Common stock Retained earnings Total liabilities and shareholders' equity Pequired: $ 4,000 300 400 2,400 Dec. 31, 2021 $ 420 780 730 110 $ 2,700 (960) $ 3,780 330 330 230 1,160 1,020 710 $ 3,780 $10,000 7,100 2,900 (1,160) $ 1,740 Dec. 31, 2020 $ 260 890 660 50 $ 2,100 (660) $ 3,300 420 460 210 900 860 450 $ 3,300
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