Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 Interest on notes payable Purchase of equipment $ 530,000 5,500 58,000 38,000 195,000 255,000 9,500 Salaries to employees Payment of notes payable 97,000 102,000 44,000 39,000 Dividends to shareholders The balance of cash and cash equivalents at the beginning of 2024 was $30,000. 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.

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 Interest on notes payable Purchase of equipment $ 530,000 5,500 58,000 38,000 195,000 255,000 9,500 Salaries to employees Payment of notes payable 97,000 102,000 44,000 39,000 Dividends to shareholders The balance of cash and cash equivalents at the beginning of 2024 was $30,000. 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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

san

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 Interest on notes payable Purchase of equipment $ 530,000 5,500 58,000 38,000 195,000 255,000 9,500 97,000 Salaries to employees Payment of notes payable Dividends to shareholders 102,000 44,000 39,000 The balance of cash and cash equivalents at the beginning of 2024 was $30,000. 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. BLUEBONNET BAKERS Statement of Cash Flows For the Year Ended December 31, 2024 Cash flows from operating activities: Net cash flows from operating activities S 0 Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: 0 Net cash flows from financing activities Net increase in cash 0 0 Cash and cash equivalents, January 1 Cash and cash equivalents, December 31 S 0
Transcribed Image Text: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 Interest on notes payable Purchase of equipment $ 530,000 5,500 58,000 38,000 195,000 255,000 9,500 97,000 Salaries to employees Payment of notes payable Dividends to shareholders 102,000 44,000 39,000 The balance of cash and cash equivalents at the beginning of 2024 was $30,000. 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. BLUEBONNET BAKERS Statement of Cash Flows For the Year Ended December 31, 2024 Cash flows from operating activities: Net cash flows from operating activities S 0 Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: 0 Net cash flows from financing activities Net increase in cash 0 0 Cash and cash equivalents, January 1 Cash and cash equivalents, December 31 S 0
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cash Flow Statement Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS