Question

YouTube Maps mework Check my work mode: This shows what is correct or incorrect for the work $ 3,51e 1.95e TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2018 ($ in thousands) Sales revenue Operating expenses: Cost of goods sold Depreciation Insurance Administrative and other Total operating expenses Income before income taxes Income tax expense Net Income Balance Sheet Information ($ in thousands) Assets Cash Accounts receivable Inventory Prepaid insurance plant and equipment Less: Accumulated depreciation $ 1.050 Dec 31, 2018 Dec 31, 2017 2.se Liabilities and Shareholders' Equity ACCOUNTS cavalle Payables for administrative and other expenses Income tax payable Note pays du 123019 Total listi n o shareholdersuit S925 Required: Prepare the cash flows from operating activities section of Tigers 2018 statement of cash flows using the dires Bu purchases and sales of inventory are on account, and that there are no anticipated bad debts for accounts accounts for the pertinent items to isolate the information needed for the statement.) Amounts to be deducte with a minus sign. Enter your answers in thousands) < Prev 7 of 9 re to search

Answer 1

The answer has been presented in the supporting sheet of. All the parts has been solved with detailed explanation and calculation. For detailed answer refer to the supporting sheet.

Answer TIGER ENTERPRISES Staement of cash flows For the year ended december 31, 2018 ($ in thousands) -Cash flow from operating activities Collection from customers 7980 Payment for inventory suppliers -3610 Prepayment of insurance Payment for adminstrative and other expenses -280 -2050 Payment of income taxes -700 Net cash flows from operating activities 1340

Working Notes Account Receivable - Beginning balance 5 Sales 980 Cash collected 7980 7900 Ending Balance 900 Inventory 750 Cost of goods sold e Beginning balance 0 Purhcases 3510 3550 Ending Balance 790 2 Account Payable 3 3610 Beginning balance 4 Cash Paid 510 Purhcases 5 3550 6 Ending Balance 450 Prepaid insurance 9 Beginning balance 95 insurance expense 250 0 Cash 280 Ending Balance 125

Payable adminstrative and other expenses 2050 Beginning balance adminstrative expenses 4 cash 550 1950 5 Ending Balance 450 Income taxes payable 700 Beginning balance e cash 300 income taxes expense 750 1 Ending Balance 350