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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 Insurance expense General and administrative expense Total operating expenses Income before income taxes Income tax expense Net income For the Year Ended December 31, 2024 ($ in thousands) 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 $ 3,430 310 170 1,870 December 31, 2024 $ 370 820 710 85 2,450 (980) $ 3,455 $370 370 270 870 970 605 $3,455 $ 7,420 5,780 1,640 (670) $970 December 31, 2023 $ 270 900 670 55 2,150 (670) $ 3,375 $430 470 220 670 870 715 $ 3,375

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 Insurance expense General and administrative expense Total operating expenses Income before income taxes Income tax expense Net income For the Year Ended December 31, 2024 ($ in thousands) 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 $ 3,430 310 170 1,870 December 31, 2024 $ 370 820 710 85 2,450 (980) $ 3,455 $370 370 270 870 970 605 $3,455 $ 7,420 5,780 1,640 (670) $970 December 31, 2023 $ 270 900 670 55 2,150 (670) $ 3,375 $430 470 220 670 870 715 $ 3,375

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises. Sales revenue Operating expenses: Cost of goods sold TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2024 ($ in thousands) 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 $ 3,430 310 170 1,870 December 31, 2024 $ 370 820 710 85 2,450 (980) $ 3,455 $ 370 370 270 870 970 605 $ 3,455 $ 7,420 5,780 1,640 (670) $ 970 December 31, 2023 $ 270 900 670 55 2,150 (670) $ 3,375 $ 430 470 220 670 870 715 $ 3,375
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 TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2024 ($ in thousands) 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 $ 3,430 310 170 1,870 December 31, 2024 $ 370 820 710 85 2,450 (980) $ 3,455 $ 370 370 270 870 970 605 $ 3,455 $ 7,420 5,780 1,640 (670) $ 970 December 31, 2023 $ 270 900 670 55 2,150 (670) $ 3,375 $ 430 470 220 670 870 715 $ 3,375
Required: Prepare the cash flows from operating activities section of Tiger's 2024 statement of cash flows using the direct method. Assume that all purchases and sales of inventory are on account, and that there are no anticipated bad debts for accounts receivable. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2024 ($ in thousands) Cash flows from operating activities: Net cash flows from operating activities $ 0
Transcribed Image Text:Required: Prepare the cash flows from operating activities section of Tiger's 2024 statement of cash flows using the direct method. Assume that all purchases and sales of inventory are on account, and that there are no anticipated bad debts for accounts receivable. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2024 ($ in thousands) Cash flows from operating activities: Net cash flows from operating activities $ 0
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