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 Income Statement For the Year Ended December 31, 2021 ($ in thousands) 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 12/31/2022) Common stock Retained earnings Total liabilities and shareholders' equity $ 3,440 320 180 1,880 Dec. 31,2021 $ 380 830 720 90 2,500 (1,000) $ 3,520 $ 380 380 280 880 980 620 $ 3,520 $ 7,480 5,820 1,660 (680) $ 980 Dec. 31, 2020 $ 280 910 680 60 2,200 (680) $ 3,450 $ 440 480 230 680 880 740 $ 3,450 Required: Prepare the cash flows from operating activities section of Tiger's 2021 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. (Amounts to o deducted should be indicated with a minus sian Enter your answers in thousandel
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 Income Statement For the Year Ended December 31, 2021 ($ in thousands) 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 12/31/2022) Common stock Retained earnings Total liabilities and shareholders' equity $ 3,440 320 180 1,880 Dec. 31,2021 $ 380 830 720 90 2,500 (1,000) $ 3,520 $ 380 380 280 880 980 620 $ 3,520 $ 7,480 5,820 1,660 (680) $ 980 Dec. 31, 2020 $ 280 910 680 60 2,200 (680) $ 3,450 $ 440 480 230 680 880 740 $ 3,450 Required: Prepare the cash flows from operating activities section of Tiger's 2021 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. (Amounts to o deducted should be indicated with a minus sian Enter your answers in thousandel
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please help with attached question, thanks much.
Transcribed Image Text:TIGER ENTERPRISES
Statement of Cash Flows
For the Year Ended December 31, 2021
($ in thousands)
Cash flows from operating activities:
Net cash flows from operating activities
$
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
For the Year Ended December 31, 2021
($ 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 12/31/2022)
Common stock
Retained earnings
Total liabilities and shareholders' equity
$ 3,440
320
180
1,880
Dec. 31, 2021
$
380
830
720
90
2,500
(1,000)
$ 3,520
$
380
380
280
880
980
620
$ 3,520
$ 7,480
(680)
980
$
Dec. 31, 2020
5,820
1,660
$
280
910
680
60
2,200
(680)
$ 3,450
$
440
480
230
680
880
740
$ 3,450
Required:
Prepare the cash flows from operating activities section of Tiger's 2021 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. (Amounts to
be deducted should be indicated with a minus sign. Enter your answers in thousands.)
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