Exercise S11-7:
(Learning Objective 3: Computing operating cash flows-indirect method) Ether Corporation accountants have assembled the following data for the year ended June 30, 20X6.
\begin{tabular}{|c|c|c|c|}
\hline Net income.............................. & 5 ? & Cost of goods sold................... & \$117,000 \\
\hline Payment of dividends ............... & 5,700 & Other operating expenses......... & 34,000 \\
\hline Proceeds from the issuance & & Purchase of equipment ............. & 44,000 \\
\hline of shares ......................... & 27,000 & Increase in current liabilities..... & 8,000 \\
\hline Sales revenue............................ & 230,000 & Payment of note payable .......... & 32,000 \\
\hline Decrease in current assets & & Proceeds from sale of land........ & 29,000 \\
\hline other than cash ............... & 36,000 & Depreciation expense ............... & 12,000 \\
\hline Purchase of treasury shares ...... & 7,000 & & \\
\hline
\end{tabular}
Required:
Prepare the operating activities section of Ether's statement of cash flows for the year ended Jun 30, 20X6. Ether uses the indirect method for operating cash flows.