Cash Received from: Collections from customers Interest on notes receivable Collection of notes receivable Sale of investments Issuance of notes payable Cash Paid for: 160,000 5,000 Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees 85,000 90,000 25,000 Payment of notes payable Dividends to shareholders 20,000 The balance of cash and cash equivalents at the beginning of 2024 was $17,000. $ 380,000 6,000 50,000 30,000 100, 000 Required: Prepare a statement of cash flows for 2024 for Bluebonnet Bakers. Use the direct method for reporting operating activities. Note: Amounts to be deducted should be indicated with a minus sign.

Cash Received from: Collections from customers Interest on notes receivable Collection of notes receivable Sale of investments Issuance of notes payable Cash Paid for: 160,000 5,000 Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees 85,000 90,000 25,000 Payment of notes payable Dividends to shareholders 20,000 The balance of cash and cash equivalents at the beginning of 2024 was $17,000. $ 380,000 6,000 50,000 30,000 100, 000 Required: Prepare a statement of cash flows for 2024 for Bluebonnet Bakers. Use the direct method for reporting operating activities. Note: 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

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

The following summary transactions occurred during 2024 for Bluebonnet Bakers:
Cash Received from:
Collections from customers
Interest on notes receivable
Collection of notes receivable
Sale of investments
Issuance of notes payable
Cash Paid for:
Purchase of inventory
$ 380,000
6,000
50,000
30,000
100, 000
160, 000
5,000
85,000
90,000
Interest on notes payable
Purchase of equipment
Salaries to employees
Payment of notes payable
Dividends to shareholders
The balance of cash and cash equivalents at the beginning of 2024 was $17,000.
25,000
20,000
Required:
Prepare a statement of cash flows for 2024 for Bluebonnet Bakers. Use the direct method for reporting operating activities.
Note: Amounts to be deducted should be indicated with a minus sign.

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8) ABC Company revealed the following information on December 31, 2019: Cash 3,700,000 Accounts receivable 1,500,000 Allowance for doubtful accounts (200,000) Inventory 2,000,000 Prepaid insurance 300,000 Total current assets 7,400,000 Analysis of cash: Cash in bank 1,300,000 Bank overdraft in another bank (300,000) Cash set aside for plant addition 2,000,000 Petty cash fund 10,000 Cash withheld from wages 190,000 General cash 500,000 Total cash 3,700,000 The accounts receivable included a past due account in the amount of P100,000. The account is deemed uncollectible and should be written off. The inventory included goods held on consignment amounting to P150,000 and goods of P200,000 purchased and received on December 31, 2019. Neither of these items have been recorded as a purchase. The prepaid insurance included a cash surrender value insurance of P50,000. What is the adjusted cash balance? What is the adjusted inventory? What is the adjusted net realizable value of accounts…
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The following summary transactions occurred during the year for Bluebonnet. Cash received from: Collections from customers Interest on notes receivable Collection of notes receivable Sale of investments Issuance of notes payable Cash paid for: Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees Payment of notes payable Dividends to shareholders $380,000 6,000 Cash flows from investing activities: -50,000 30,000 100,000 Net cash flows from investing activities 160,000 5,000 85,000 90,000 Required: Calculate net cash flows from investing activities. (Amounts to be deducted should be indicated with a minus sign.) 25,000 20,000 BLUEBONNET COMPUTER Statement of Cash Flows (partial) For the Year Ended December 31, 2024 $ 0