Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises....
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Accounting
Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises.
TIGER ENTERPRISES
Income Statement
For the Year Ended December 31, 2018
($ in thousands)
Sales revenue
$
14,500
Operating expenses:
Cost of goods sold
$
4,900
Depreciation
390
Insurance
850
Administrative and other
3,300
Total operating expenses
9,440
Income before income taxes
5,060
Income tax expense
2,024
Net income
$
3,036
Balance Sheet Information ($ in thousands)
Dec. 31,2018
Dec. 31, 2017
Assets:
Cash
$
600
$
350
Accounts receivable
825
980
Inventory
795
750
Prepaid insurance
120
30
Plant and equipment
3,100
2,550
Less: Accumulated depreciation
(1,140
)
(750
)
Total assets
$
4,300
$
3,910
Liabilities and Shareholders' Equity:
Accounts payable
$
375
$
510
Payables for administrative and other expenses
375
550
Income taxes payable
355
300
Note payable (due 12/31/2019)
1,320
900
Common stock
1,080
950
Retained earnings
795
700
Total liabilities and shareholders' equity
$
4,300
$
3,910
Required: Prepare Tigers statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will have to calculate dividend payments). (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.)
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