Question

Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. $ 7,720 5,980 1,740 (720) $1,020 Dec. 31, 2020 TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue Operating expenses: Cost of goods sold $ 3,480 Depreciation expense 360 Insurance expense 220 General and administrative expense 1,920 Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands ) Dec. 31, 2021 Assets: Cash $ 420 Accounts receivable 870 Inventory 760 Prepaid insurance 110 Equipment 2,700 Less: Accumulated depreciation (1,080) Total assets $ 3,780 Liabilities and Shareholders' Equity: Accounts payable $ 420 Accrued liabilities (for general & administrative expense) 420 Income taxes payable 320 Notes payable (due 12/31/2022) 920 Common stock 1,020 Retained earnings 680 Total liabilities and shareholders' equity $ 3,780 $ 320 950 720 80 2,400 (720) $3,750 $ 480 520 270 720 920 840 $3,750

Answer 1

TIGER ENTERPRISES
Statement of Cash Flows
For the year ended December 31, 2021
(In Thousands)
Cash flows from operating activities
Cash received from customers (7720+950-870)	$    7,800
Cash paid for merchandise (3480+480-420+760-720)	$ (3,580)
Cash paid for insurance expense (220+110-80)	$     (250)
Cash paid for general and administrative expense (1920+520-420)	$ (2,020)
Cash paid for income tax expense (720+270-320)	$     (670)
Net cash provided by operating activities		$   1,280

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