Statement of Cash Flows: Tiger Enterprises' 2024 Income

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 $ 8,500 Operating expenses: Cost of goods sold $ 3,700 Depreciation expense 270 Insurance expense 250 General and administrative expense 2,100 Total operating expenses 6,320 Income before income taxes 2,180 Income tax expense (872) Net income $ 1,308 . . December 31, December 31, Balance Sheet Information (5 in thousands) 2024 2023 Assets: Cash $ 360 $ 230 Accounts receivable 765 860 Inventory 685 630 Prepaid insurance 80 35 Equipment 2,400 1,950 Less: Accumulated depreciation (900) (630) Total assets $ 3,390 $ 3,075 Liabilities and Shareholders' Equity: Accounts payable $ 315 $ 390 Accrued liabilities (for general & administrative expense) 315 430 Income taxes payable 215 180 Notes payable (due 12/31/2025) 980 750 Common stock 960 830 Retained earnings 605 495 Total liabilities and shareholders' equity $ 3,390 $ 3,075