Exercise 4-20 (Algo) Statement of cash flows; indirect method [LO4-8] Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2024 ($ 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 $ 16,500 $ 5,300 430 1,050 3,700 10,480 6,020 (2,408) $ 3,612 December 31, Balance Sheet Information ($ in thousands) December 31, 2023 2024 Assets: Cash Accounts receivable Inventory Prepaid insurance Equipment $ 680 845 855 160 3,500 $ 390 1,020 790 50 Less: Accumulated depreciation (1,220) 2,750 (790) Total assets $ 4,210 Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & administrative expense) Income taxes payable Notes payable (due 12/31/2025) Common stock Retained earnings Total liabilities and shareholders' equity Required: $ 4,820 $ 395 $ 550 395 590 375 340 1,220 900 1,160 990 1,275 840 $ 4,820 $ 4,210 Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will have to calculate dividend payments). Note: Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign. TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2024 ($ in thousands) Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities:
Exercise 4-20 (Algo) Statement of cash flows; indirect method [LO4-8] Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2024 ($ 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 $ 16,500 $ 5,300 430 1,050 3,700 10,480 6,020 (2,408) $ 3,612 December 31, Balance Sheet Information ($ in thousands) December 31, 2023 2024 Assets: Cash Accounts receivable Inventory Prepaid insurance Equipment $ 680 845 855 160 3,500 $ 390 1,020 790 50 Less: Accumulated depreciation (1,220) 2,750 (790) Total assets $ 4,210 Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & administrative expense) Income taxes payable Notes payable (due 12/31/2025) Common stock Retained earnings Total liabilities and shareholders' equity Required: $ 4,820 $ 395 $ 550 395 590 375 340 1,220 900 1,160 990 1,275 840 $ 4,820 $ 4,210 Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will have to calculate dividend payments). Note: Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign. TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2024 ($ in thousands) Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities:
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 10E
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![Exercise 4-20 (Algo) Statement of cash flows; indirect method [LO4-8]
Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises.
TIGER ENTERPRISES
Income Statement
For the Year Ended December 31, 2024
($ 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
$ 16,500
$ 5,300
430
1,050
3,700
10,480
6,020
(2,408)
$ 3,612
Balance Sheet Information ($ in thousands)
December 31,
2024
December 31, 2023
Assets:
Cash
$ 680
$ 390
Accounts receivable
845
Inventory
855
Prepaid insurance
160
1,020
790
50
Equipment
Less: Accumulated depreciation
Total assets
Liabilities and Shareholders' Equity:
Accounts payable
Accrued liabilities (for general & administrative expense)
Income taxes payable
Notes payable (due 12/31/2025)
Common stock
Retained earnings
Total liabilities and shareholders' equity
Required:
3,500
(1,220)
2,750
(790)
$ 4,820
$ 4,210
$ 395
$ 550
395
590
375
340
1,220
900
1,160
990
1,275
840
$ 4,820
$ 4,210
Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will have
to calculate dividend payments).
Note: Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.
TIGER ENTERPRISES
Statement of Cash Flows
For the Year Ended December 31, 2024
($ in thousands)
Cash flows from operating activities:
Adjustments for noncash effects:
Changes in operating assets and liabilities:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F39fc1137-e0f7-47a3-9340-0e17f3bb4cda%2Facbb2df9-8d79-42ae-9a66-4af49cdde153%2F9u37mrh_processed.png&w=3840&q=75)
Transcribed Image Text:Exercise 4-20 (Algo) Statement of cash flows; indirect method [LO4-8]
Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises.
TIGER ENTERPRISES
Income Statement
For the Year Ended December 31, 2024
($ 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
$ 16,500
$ 5,300
430
1,050
3,700
10,480
6,020
(2,408)
$ 3,612
Balance Sheet Information ($ in thousands)
December 31,
2024
December 31, 2023
Assets:
Cash
$ 680
$ 390
Accounts receivable
845
Inventory
855
Prepaid insurance
160
1,020
790
50
Equipment
Less: Accumulated depreciation
Total assets
Liabilities and Shareholders' Equity:
Accounts payable
Accrued liabilities (for general & administrative expense)
Income taxes payable
Notes payable (due 12/31/2025)
Common stock
Retained earnings
Total liabilities and shareholders' equity
Required:
3,500
(1,220)
2,750
(790)
$ 4,820
$ 4,210
$ 395
$ 550
395
590
375
340
1,220
900
1,160
990
1,275
840
$ 4,820
$ 4,210
Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will have
to calculate dividend payments).
Note: Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.
TIGER ENTERPRISES
Statement of Cash Flows
For the Year Ended December 31, 2024
($ in thousands)
Cash flows from operating activities:
Adjustments for noncash effects:
Changes in operating assets and liabilities:
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