sPresented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises.TIGER ENTERPRISESIncome StatementSales revenueOperating expenses:Cost of goods soldDepreciation expenseFor the Year Ended December 31, 2021($ in thousands)Insurance expenseGeneral and administrative expenseTotal operating expensesIncome before income taxesIncome tax expenseNet incomeBalance Sheet Information ($ in thousands)Assets:CashAccounts receivableInventoryPrepaid insuranceEquipmentLess: Accumulated depreciationTotal assetsLiabilities and Shareholders' Equity:Accounts payableAccrued liabilities (for general administrative expense)Income taxes payableNotes payable (due 12/31/2022)Common stockRetained earningsTotal liabilities and shareholders' equity$ 4,4003406002,800Dec. 31,2021$5008007901503,100(1,040)$ 4,300$3503502651,1801,1001,055$ 4,300$12,000$ 2,316Dec. 31, 2020$8,1403,860(1,544)$300930700702,300(700)$ 3,600460500250850900640$ 3,600Required:Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will haveto calculate dividend payments). (Enter your answers in thousands. Amounts to be deducted should be indicated with a minussign.) Cash flows from operating activities:For the Year Ended December 31, 2021($ in thousands)Adjustments for noncash effects:TIGER ENTERPRISESStatement of Cash FlowsChanges in operating assets and liabilities:Net cash flows from operating activitiesCash flows from investing activities:Net cash flows from investing activitiesCash flows from financing activities:Net increase in cashCash, January 1Cash, December 31Net cash flows from financing activities

Cash Flow Statement :— It is one of the financial statement that shows change in cash and cash…

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.)

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.)

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 19BEA

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