Use the data in S17–15 (and your answer if you completed that question) to prepare Napanee Resources Inc.’s cash flow statement for the year ended June 30, 2020. Napanee uses the direct method for operating activities. Complete only the first three sections and omit the reconciliation of cash.

S17–15

Napanee Resources Inc. has assembled the following data for the year ended June 30, 2020:

Payment of dividends ............................................ $ 12,000
Cash received from issuing shares .......................... 40,000
Collections from customers .................................... 400,000
Cash received from sale of land .............................120,000
Payments to suppliers ............................................. 220,000
Purchase of equipment ............................................. 80,000
Payments to employees .......................................... 140,000
Payment of note payable ........................................... 60,000