Question

Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. $ 8,020 $ 3,530 410 270 1,970 6,180 1,840 (770) $ 1,070 Dec. 31, 2020 Dec. 31,2021 TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ 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 12/31/2022) Common stock Retained earnings Total liabilities and shareholders' equity $ 470 920 810 135 2,950 (1,180) $ 4,105 $ 370 1,000 770 105 2,650 (770) $ 4,125 $ 470 470 370 970 1,070 755 $ 4,105 530 570 320 770 970 965 $ 4,125
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Answer 1

Answer:

TIGER ENTERPRISES
Statement of Cash flows
For the Year Ended December 31,2012
($ in thousands)
Cash flows from operating activities:
Cash received from customers	$8,100
Cash paid for merchandise	($3,630)
Cash paid for insurance	($300)
Cash paid for general and administrative expenses	($2,070)
Cash paid for income tax	($720)
Net cash flows from operating activities		$1,380

Calculations:

Accounts receivable
Beg. Bal.	$1,000
Sales	$8,020	Cash received (Balance figure)	$8,100
		End. Bal.	$920
Total	$9,020	Total	$9,020
Inventory
Beg. Bal.	$770
Purchases (Balance figure)	$3,570	Cost of goods sold	$3,530
		End. Bal.	$810
Total	$4,340	Total	$4,340
Accounts payable
		Beg. Bal.	$530
Cash paid (Balance figure)	$3,630	Purchases (from above)	$3,570
End. Bal.	$470
Total	$4,100	Total	$4,100
Prepaid insurance
Beg. Bal.	$105
Cash paid (Balance figure)	$300	Insurance expense	$270
		End. Bal.	$135
Total	$405	Total	$405
Accrued liabilities
		Beg. Bal.	$570
Cash paid (balance figure)	$2,070	General and administrative expense	$1,970
End. Bal.	$470
Total	$2,540	Total	$2,540
Income Tax payable
		Beg. Bal.	$320
Cash paid (balance figure)	$720	Income tax expense	$770
End. Bal.	$370
Total	$1,090	Total	$1,090