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:Net cash flows from investing activitiesCash flows from financing activities:Net cash flows from financing activitiesNet increase in cashCash and cash equivalents, January 1Cash and cash equivalents, December 31 The following summary transactions occurred during 2021 for Bluebonnet Bakers:Cash Received from:Collections from customersInterest on notes receivableCollection of notes receivable$460,00010,e0051,00031,000160,000Sale of investmentsIssuance of notes payable-Cash Paid for:Purchase of inventoryInterest on notes payablePurchase of equipmentSalaries to employeesPayment of notes payableDividends to shareholders220,0006,00085,00090,00037,00032,000The 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 FinancialReporting Standards. Where IFRS allows flexibility, use the classification used most often in IFRS financial statements, (Amounts to bededucted should be indicated with a minus sign.)

Cash Flow Statement The purpose of preparing the cash flow statement is to know the movement of cash…

The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers Interest on notes receivable Collection of notes receivable Sale of investments $460,000 10,e00 51,000 31,000 160, 000 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.)

The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers Interest on notes receivable Collection of notes receivable Sale of investments $460,000 10,e00 51,000 31,000 160, 000 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.)

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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