Data for Toby Zed NV are presented in P13-3A.

Instructions
Prepare the operating activities section of the statement of cash fl ows using the direct method.

TOBY ZED NV Income Statement For the Year Ended November 30, 2017 Sales revenue Cost of goods sold 7,500,000 1,900,000 4,400,000 6,300,000 1,400,000 Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Net income 4,900,000 2,600,000 1,150,000 1,450,000