ACC 305 Week 2 Assignment E4-22 Tiger Enterprise. Presented below is the 2011
income statement and comparative balance sheet information for Tiger
Enterprises.
E4-22 Presented below is the 2011 income statement and comparative balance sheet information for Tiger Enterprises.
E4-22 Statement of cash flows;
indirect method
E4-22 Tiger Enterprises.
Presented
below is the 2011 income statement and comparative balance sheet information
for Tiger Enterprises.
TIGER
ENTERPRISES Income Statement For the Year Ended December 31, 2011($ in
thousands) Sales revenue $7,000 Operating expenses: Cost of goods sold $3,360
Depreciation 240 insurance 100 Administrative and other 1,800 Total operating
expenses 5,500 Income before income taxes 1,500 income tax expense 600 Net
income $900
Balance
sheet information ($ in thousands) Dec. 31,2011 Dec. 31, 2010 Assets: Cash $300
$200 Accounts receivable 750 830 Inventory 640 600 Prepaid insurance 50 20
Plant and equipment 2,100 1,800 Less Accumulated depreciation (840) (600) Total
assets $3,000 $2,850 Liabilities and shareholder’s Equity: Accounts payable
$300 $360 Accounts payable 300 400 Income taxes payable 200 150 Notes payable
(due 12/31/2012 800 600 Common stock 900 800 retained earnings 500 540 Total
liabilities and share holders equity $3000 $2850
Required:
Prepare
Tiger's statement of cash flows, using the indirect method to present cash
flows from operating activities. (Hint: You will have to calculate dividend
payments.)
Exercise
4-22
Tiger
Enterprises
Statement
of Cash FlowsFor the Year Ended December 31, 2011
($ in thousands)
|
Cash flows from
operating activities:
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|
Net
income
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$ 900
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Adjustments for noncash effects:
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Depreciation expense
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240
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Changes in operating assets and
liabilities:
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|
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