HR.4 The following summary transactions occurred during 2021 for Bluebonnet Bakers:Cash Received from:Collections from customers$350,000Interest on notes receivable6,500Collection of notes receivable40,000Sale of investments20,000Issuance of notes payable105,000Cash Paid for:Purchase of inventoryInterest on notes payablePurchase of equipment165,0005,50065,000Salaries to employeesPayment of notes payable70,00026,000Dividends to shareholders21,000The balance of cash and cash equivalents at the beginning of 2021 was $12,000.Required:Prepare a statement of cash flows for 2021 for Bluebonnet Bakers. Use the direct method for reporting operating activities. (Amountsto be deducted should be indicated with a minus sign.)BLUEBONNET BAKERSStatement of Cash FlowsFor the Year Ended December 31, 2021Cash flows from operating activities:Net cash flows from operating activitiesCash flows from investing activities:

Cash flows from operating activitiesThe operating activities section reports the cash inflows and…

Answered: The following summary transactions…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 23CE: Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019,...

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To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750
A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400
Comprehensive Receivables Problem Blackmon Corporations December 31, 2018, balance sheet disclosed the following information relating to its receivables: The company has a recourse liability of 700 related to a note receivable sold to a bank. During 2019, credit sales (terms, n/EOM) totaled 2,200,000, and collections on accounts receivable (unassigned) amounted to 1,900,000. Uncollectible accounts totaling 18,000 from several customers were written off, and a 1,350 accounts receivable previously written off was collected. Additionally, the following transactions relating to Blackmons receivables occurred during the year: On December 31, 2019, an aging of the accounts receivable balance indicated the following: Required: 1. Prepare the journal entries to record the preceding receivable transactions during 2019 and the necessary adjusting entry on December 31, 2019. Assume a 360-day year for interest calculations and round calculations to the nearest dollar. 2. Prepare the receivables portion of Blackmons December 31, 2019, balance sheet. 3. Next Level Compute Blackmons accounts receivable turnover in days, assuming a 360-day business year. What is your evaluation of its collection policies? 4. If Blackmon uses IFRS, what might be the heading of the section for the receivables reported in Requirement 2?
The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from:Collections from customers $380,000Interest on notes receivable 6,000Collection of notes receivable 50,000Sale of investments 30,000Issuance of notes payable 100,000Cash Paid for:Purchase of inventory 160,000Interest on notes payable 5,000Purchase of equipment 85,000Salaries to employees 90,000Payment of notes payable 25,000Dividends to shareholders…
The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers Interest on notes receivable Collection of notes receivable $460,000 10,e00 51,000 31,000 160,000 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 220,000 6,000 85,000 90,000 37,000 32,000 The balance of cash and cash equivalents at the beginning of 2021 was $23,000. Required: Prepare the statement of cash flows assuming that Bluebonnet prepares its financial statements according to International Financial Reporting Standards. Where IFRS allows flexibility, use the classification used most often in IFRS financial statements, (Amounts to be deducted should be indicated with a minus sign.)
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.)
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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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Question: How much is the total cash received from the financing of receivables? Round off to the nearest whole number.
The following information has been extracted from the financial statements and notes of CASAN Ltd. 2019 2018 Cash and Cash Equivalents 59,100 47,700 Account Receivable(net) 137,800 129,800 Account Payable 45,750 39,950 Revenue 610,000 625,000 Cost of Goods Sold 559,500 568,500 Profit 50,500 56,500 Inventory 223,700 189,300 Total assets 540,000 555,000 Current Liabilities 250,900 265,700 Total liabilities 300,000 330,000 Short-term investments 75,400 85,900 Based on the above information calculate the following ratios: 1) Return on assets for 2019. 2) Profit Margin ratio for 2019. 3) Debt to assets ratio for 2019. 4) Acid-test ratio for 2018. 5) Inventory Turnover ratio for 2019.

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