Happy Tot’s Learning Center has assembled the following data for the year ended June 30, 2012:
Payments to suppliers . . . . . . . . . . . . . . . . . . . . $ 117,000
Purchase of equipment . . . . . . . . . . . . . . . . . . . . . 42,000
Payments to employees . . . . . . . . . . . . . . . . . . . . . 72,000
Payment of note payable . . . . . . . . . . . . . . . . . . . . 25,000
Payment of dividends . . . . . . . . . . . . . . . . . . . . . . . 7,000
Cash receipt from issuance of stock . . . . . . . . . . . 18,000
Collections from customers . . . . . . . . . . . . . . . . . 190,000
Cash receipt from sale of land . . . . . . . . . . . . . . . . 60,000
Requirement
1. Prepare the operating activities section of the business’s statement of cash flows for the year ended June 30, 2012, using the direct method.