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) 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 $3,600 Required: repare the cash flows from operating activities section of Tiger's 2024 statement of cash flows using the direct method. Assume th Il purchases and sales of inventory are on account, and that there are no anticipated bad debts for accounts receivable. ote: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.
Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2024 ($ 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) 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 $3,600 Required: repare the cash flows from operating activities section of Tiger's 2024 statement of cash flows using the direct method. Assume th Il purchases and sales of inventory are on account, and that there are no anticipated bad debts for accounts receivable. ote: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
i.9
Transcribed Image Text:Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises.
Sales revenue
Operating expenses:
Cost of goods sold
Depreciation expense
For the Year Ended December 31, 2024
($ in thousands)
Insurance expense
General and administrative expense
Total operating expenses
Income before income taxes
Income tax expense
Net income
TIGER ENTERPRISES
Income Statement
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 direct method. Assume th
Il purchases and sales of inventory are on account, and that there are no anticipated bad debts for accounts receivable.
ote: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.
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