The income statement of Toby Zed NV is presented here.

Additional information:
1. Accounts receivable increased ‚¬200,000 during the year, and inventory decreased ‚¬500,000.
2. Prepaid expenses increased ‚¬175,000 during the year.
3. Accounts payable to suppliers of merchandise decreased ‚¬340,000 during the year.
4. Accrued expenses payable decreased ‚¬105,000 during the year.
5. Operating expenses include depreciation expense of ‚¬85,000.
Instructions
Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2017, for Toby Zed, using the indirect 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 prolit Operating expenses Net income 4,900,000 2,600,000 1150,000 1,450,000