Patrick Ltd is involved in manufacturing swimming pool accessories. Patrick Ltds statement of financial positions for the years ended 30 June 2015 and 30 June 2016 are presented below.

	2016 ($000)	2015 ($000)
Assets
Cash	96
Accounts receivable	24	52
Property, plant and equipment	156	120
Accumulated depreciationproperty, plant and equipment	(36)	(20)
Inventory	92	52
Total assets	332	204
Liabilities
Bank overdraft		40
Accounts payable	60	60
Accrued wages	20	16
Provision for annual leave	8	12
Loans	60
Total liabilities	148	128
Net assets	184	76
Represented by:
Shareholders funds
Share capital (ordinary shares)	140	20
Revaluation surplus	28	8
Retained earnings	16	48
Total shareholders funds	184	76

The statement of comprehensive income (extract) of Patrick Ltd for the year ended 30 June 2016 is:

	2016 ($000)
Revenues
Sales	52
Interest (no interest receivable at year end)	4
Profit on sale of property (which had a carrying amount of $20 000)	8
Expenses
Cost of goods sold	(40)
Depreciation	(20)
Wages	(20)
Employees annual leave	(16)
Loss for the year	(32)

• INTEREST AND DIVIDEND ARE CONSIDERED IN OPERATING ACTIVITIES IN ACCORDANCE WITH AASB107.

REQUIRED

Prepare a statement of cash flows using direct method for Patrick Ltd for the year ended 30 June 2016. Comparatives are not required. Ignore tax effects. (7 marks)