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.

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.)