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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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