Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. 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 For the Year Ended December 31, 2021 ($ in thousands) TIGER ENTERPRISES Income Statement Total assets Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & administrative expense) Income axes payable Notes payable (due 12/31/2022) Common stock Retained earnings Total liabilities and shareholders' equity Cash flows from operating activities: TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2021 ($ in thousands) $3,360 240 100 1,800 Dec. 31, 2021 $ 300 750 640 50 $ 2,100 (840) $3,000 300 300 200 800 900 500 $3,000 $ 7,000 5,500 1,500 (600) 900 $ Dec. 31, 2020 $ 200 830 600 20 1,800 (600) $ 2,850 $ 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.) 360 400 150 600 800 540 $ 2,850
Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. 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 For the Year Ended December 31, 2021 ($ in thousands) TIGER ENTERPRISES Income Statement Total assets Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & administrative expense) Income axes payable Notes payable (due 12/31/2022) Common stock Retained earnings Total liabilities and shareholders' equity Cash flows from operating activities: TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2021 ($ in thousands) $3,360 240 100 1,800 Dec. 31, 2021 $ 300 750 640 50 $ 2,100 (840) $3,000 300 300 200 800 900 500 $3,000 $ 7,000 5,500 1,500 (600) 900 $ Dec. 31, 2020 $ 200 830 600 20 1,800 (600) $ 2,850 $ 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.) 360 400 150 600 800 540 $ 2,850
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help with attached question, thanks so much.
Transcribed Image Text: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
69
$
0
0
0
0
0
Transcribed Image Text:Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises.
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
For the Year Ended December 31, 2021
($ in thousands)
TIGER ENTERPRISES
Income Statement
Total assets
Liabilities and Shareholders' Equity:
Accounts payable
Accrued liabilities (for general & administrative expense)
Income axes payable
Notes payable (due 12/31/2022)
Common stock
Retained earnings
Total liabilities and shareholders' equity
Cash flows from operating activities:
TIGER ENTERPRISES
Statement of Cash Flows
For the Year Ended December 31, 2021
($ in thousands)
$3,360
240
100
1,800
Dec. 31, 2021
$
300
750
640
50
$
2,100
(840)
$3,000
300
300
200
800
900
500
$3,000
$ 7,000
5,500
1,500
(600)
900
$
Dec. 31, 2020
$
200
830
600
20
1,800
(600)
$ 2,850
$
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.)
360
400
150
600
800
540
$ 2,850
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