Paul and Peter Partnership provide specialist financial planning services to its clients. The following information relates to the year just ended.

For year ending 30 June 2012
Sales Revenues .................................$156,000
Operating Expenses ........................... 105,000
Profit ............................................. 51,000
Operating expenses include depreciation of $3,000.
Using the direct method, prepare the operating activities section of the statement of cash flows for the period ending 30 June, 2012.

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Balance Sheet (extract) As at 30 June 2012 Cash Cash Accounts Receivable Prepaid Expenses Accounts Pavable 2012 S53,000 S56,000 $12,000 $34,000 2011 $26,000 S43,000 $10,000 $37,000