Presented below is the 2018 income statement and comparativebalance sheet information for Tiger Enterprises. TIGER ENTERPRISESIncome Statement For the Year Ended December 31, 2018 ($ inthousands) Sales revenue $ 7,000 Operating expenses: Cost of goodssold $ 3,360 Depreciation 240 Insurance 100 Administrative andother 1,800 Total operating expenses 5,500 Income before incometaxes 1,500 Income tax expense 600 Net income $ 900 Balance SheetInformation ($ in thousands) Dec. 31,2018 Dec. 31, 2017 Assets:Cash $ 300 $ 200 Accounts receivable 750 830 Inventory 640 600Prepaid insurance 50 20 Plant and equipment 2,100 1,800 Less:Accumulated depreciation (840 ) (600 ) Total assets $ 3,000 $ 2,850Liabilities and Shareholders' Equity: Accounts payable $ 300 $ 360Payables for administrative and other expenses 300 400 Income taxespayable 200 150 Note payable (due 12/31/2019) 800 600 Common stock900 800 Retained earnings 500 540 Total liabilities andshareholders' equity $ 3,000 $ 2,850 Required: Prepare Tiger’sstatement of cash flows, using the indirect method to present cashflows from operating activities. (Hint: You will have to calculatedividend payments). (Enter your answers in thousands. Amounts to bededucted should be indicated with a minus sign.)
