10. The following summary transactions occurred during 2021 for Bluebonnet Bakers:       Cash Received from:       Collections from customers $ 540,000   Interest on notes receivable   11,000   Collection of notes receivable   50,000   Sale of investments   39,000   Issuance of notes payable   200,000   Cash Paid for:       Purchase of inventory   260,000   Interest on notes payable   6,000   Purchase of equipment   98,000   Salaries to employees   103,000   Payment of notes payable   45,000   Dividends to shareholders   40,000       The balance of cash and cash equivalents at the beginning of 2021 was $31,000.   Required: Prepare a statement of cash flows for 2021 for Bluebonnet Bakers. Use the direct method for reporting operating activities. (Amounts to be deducted should be indicated with a minus sign.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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10. The following summary transactions occurred during 2021 for Bluebonnet Bakers:
 

   
Cash Received from:      
Collections from customers $ 540,000  
Interest on notes receivable   11,000  
Collection of notes receivable   50,000  
Sale of investments   39,000  
Issuance of notes payable   200,000  
Cash Paid for:      
Purchase of inventory   260,000  
Interest on notes payable   6,000  
Purchase of equipment   98,000  
Salaries to employees   103,000  
Payment of notes payable   45,000  
Dividends to shareholders   40,000  
 

 
The balance of cash and cash equivalents at the beginning of 2021 was $31,000.
 
Required:
Prepare a statement of cash flows for 2021 for Bluebonnet Bakers. Use the direct method for reporting operating activities. (Amounts to be deducted should be indicated with a minus sign.)

Net cash flows from operating activities
Cash flows from investing activities:
Net cash flows from investing activities
Cash flows from financing activities:
Net cash flows from financing activities
Net increase in cash
Cash and cash equivalents, January 1
Cash and cash equivalents, December 31
Transcribed Image Text:Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase in cash Cash and cash equivalents, January 1 Cash and cash equivalents, December 31
BLUEBONNET BAKERS
Statement of Cash Flows
For the Year Ended December 31, 2021
Cash flows from operating activities:
Net cash flows from operating activities
Cash flows from investing activities:
Net cash flows from investing activities
Cash flows from financing activities:
Transcribed Image Text:BLUEBONNET BAKERS Statement of Cash Flows For the Year Ended December 31, 2021 Cash flows from operating activities: Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities:
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