Hoogendoorn and Associates provides consulting services in Amsterdam. In 20X0, net income was € 230,000 on revenues of € 510,000 and expenses of € 280,000 (€ stands for euro, the European currency). The only noncash expense was depreciation of € 50,000. The company has no inventory.

Accounts receivable increased by € 17,000 during 20X0, and accounts payable and salaries payable were unchanged.

Prepare a statement of cash flows from operating activities. Use the direct method. Omit supporting schedules.