Hoogendoorn and Associates provides consulting services in Amsterdam. In $20$X$0,$ 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.

$($i$)$ Use the direct method to prepare a statement of cash flows from operating

activities. Omit supporting schedules.

$($ii$)$ Use the indirect method to prepare a statement of cash flows from operating

activities. Omit supporting schedules.

Instructions: Please make sure your solutions are easily legible and that they clearly

communicate the methods you used to arrive at your final answer