View Policies Current Attempt in Progress Oriole Ltd. is a private company reporting under ASPE. Its income statement and changes in current assets and current liabilities for the year are reported below: Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Gain on sale of equipment Profit before income tax Income tax expense Profit for the year ORIOLE LTD. Income Statement Year Ended November 30, 2024 $347,200 56,000 (11,200) $1,061,760 548,800 512,960 392,000 120,960 33,600 $87,360

Changes in current assets and current liabilities were as follows: Accounts receivable Inventory Prepaid expenses Accounts payable Dividends payable Income tax payable $40,320 21,280 2,240 13,440 5.600 4,480 decrease increase increase decrease decrease decrease Prepare the operating activities section of the cash flow statement using the indirect method. (Show amounts that decrease cash flow with elther a-sign eg. 15,000 or in parenthesise 8(15,000)) Oriole Ltd, is a private company reporting under ASPE. Its income statement and changes in current assets and current liabilities for the year are reported below: Adjustments to reconcile profit to