Exercise 4-21 (Algo) Statement of cash flows; direct method [LO4-8] Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises $ 8,140 $ 3,550 430 290 1,999 6,260 1,880 (790) $ 1,090 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 $ 490 940 839 145 3,050 (1,220 $ 4,235 $ 390 1,020 790 115 2,750 (790) $ 4,275 $ 490 490 390 990 1,090 785 $ 4,235 $ 550 590 340 790 990 1,015 $ 4,275 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.) Required: Prepare the cash flows from operating activities section of Tiger's 2021 statement of cash flows using all purchases and sales of inventory are on account, and that there are no anticipated bad debts for a be deducted should be indicated with a minus sign. Enter your answers in thousands.) TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2021 (S in thousands) Cash flows from operating activities Niet cash flows from operating activities