Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES
Income Statement
For the Year Ended December 31, 2021
($ in thousands)
Sales revenue $ 7,300
Operating expenses:
Cost of goods sold $ 3,410
Depreciation expense 290
Insurance expense 150
General and administrative expense 1,850
Total operating expenses 5,700
Income before income taxes 1,600
Income tax expense (650 )
Net income $ 950
Balance Sheet Information ($ in thousands) Dec. 31,2021 Dec. 31, 2020
Assets:
Cash $ 350 $ 250
Accounts receivable 800 880
Inventory 690 650
Prepaid insurance 75 45
Equipment 2,350 2,050
Less: Accumulated depreciation (940 ) (650 )
Total assets $ 3,325 $ 3,225
Liabilities and Shareholders' Equity:
Accounts payable $ 350 $ 410
Accrued liabilities (for general & administrative expense) 350 450
Income taxes payable 250 200
Notes payable (due 12/31/2022) 850 650
Common stock 950 850
Retained earnings 575 665
Total liabilities and shareholders' equity $ 3,325 $ 3,225

Required:
Prepare the cash flows from operating activities section of Tiger's 2021 statement of cash flows using the direct method. Assume that all purchases and sales of inventory are on account, and that there are no anticipated bad debts for accounts receivable. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.)