Presented below is the 2021 Income statement and comparative balance sheet Information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ 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 12/31/2822) Connon stock Retained earnings Total liabilities and shareholders' equity $ 4,500 ក្មគ៖! 350 650 $ 2,900 Dec. 31,2021 $ 520 885 885 160 3,200 (1,060) $ 4,430 355 355 278 1,240 1,000 1,210 $ 4,430 $12,500 8,400 (1,640) $ 2,460 LA TIEN TU Dec. 31, 2020 $ $ 310 940 710 75 2,350 (710) $ 3,675 470 510 260 980 910 625 3,675 Required: 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). (Enter your answers in thousands. Amounts to be deducted should be indicated with a a minus sign.)

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:
For the Year Ended December 31, 2021
($ in thousands)
Adjustments for noncash effects:
TIGER ENTERPRISES
Statement of Cash Flows
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

Presented below is the 2021 Income statement and comparative balance sheet Information for Tiger Enterprises.
TIGER ENTERPRISES
Income Statement
For the Year Ended December 31, 2021
($ 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 12/31/2822)
Connon stock
Retained earnings
Total liabilities and shareholders' equity
$ 4,500
350
2,900
Dec. 31,2821
$
520
885
805
160
3,200
(1,060)
$
$ 4,430
355
355
278
1,240
1,000
1,210
$ 4,430
$12,500
8,480
4,100
(1,640)
$ 2,460
Dec. 31, 2820
$
310
948
718
75
$
2,350
(718)
$ 3,675
470
510
260
900
918
625
$ 3,675
Required:
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). (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus
sign.)

Expert Solution

Explanation -

Statement of Cash Flow -

Statement of Cash Flow includes movement of Cash flow within the financial year. This cash movement is due to three primary activities: operating, Investing, and financing.

This is the most important statement as it shows the actual position of cash and liquidity position of the company.

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