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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: 205,000 9,500 Purchase of inventory Interest on notes payable Purchase of equipment i Salaries to employees Payment of notes payable Dividends to shareholders 82,000 87,000 34,000 29,000 The balance of cash and cash equivalents at the beginning of 2024 was $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. BLUEBONNET BAKERS Statement of Cash Flows For the Year Ended December 31, 2024 Cash flows from operating activities: $ 430,000 8,500 48,000 28,000 145,000 Net cash flows from operating activities Cash flows from investing activities:

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: 205,000 9,500 Purchase of inventory Interest on notes payable Purchase of equipment i Salaries to employees Payment of notes payable Dividends to shareholders 82,000 87,000 34,000 29,000 The balance of cash and cash equivalents at the beginning of 2024 was $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. BLUEBONNET BAKERS Statement of Cash Flows For the Year Ended December 31, 2024 Cash flows from operating activities: $ 430,000 8,500 48,000 28,000 145,000 Net cash flows from operating activities Cash flows from investing activities:

FINANCIAL ACCOUNTING
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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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 Salaries to employees Payment of notes payable Dividends to shareholders 34,000 29,000 The balance of cash and cash equivalents at the beginning of 2024 was $20,000. BLUEBONNET BAKERS Statement of Cash Flows For the Year Ended December 31, 2024 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 flows from operating activities: Net cash flows from operating activities Cash flows from investing activities: $ 430,000 8,500 48,000 28,000 145,000 Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities 205,000 9,500 82,000 87,000
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 Salaries to employees Payment of notes payable Dividends to shareholders 34,000 29,000 The balance of cash and cash equivalents at the beginning of 2024 was $20,000. BLUEBONNET BAKERS Statement of Cash Flows For the Year Ended December 31, 2024 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 flows from operating activities: Net cash flows from operating activities Cash flows from investing activities: $ 430,000 8,500 48,000 28,000 145,000 Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities 205,000 9,500 82,000 87,000
Sale of investments Issuance of notes payable Cash Paid for: 205,000 9,500 Purchase of inventory. Interest on notes payable Purchase of equipment Salaries to employees Payment of notes payable Dividends to shareholders 82,000 87,000 34,000 29,000 The balance of cash and cash equivalents at the beginning of 2024 was $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. BLUEBONNET BAKERS Statement of Cash Flows For the Year Ended December 31, 2024 Cash flows from operating activities: Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: 28,000 145,000 Net cash flows from financing activities Net increase in cash Cash and cash equivalents, January 1 Cash and cash equivalents, December 31
Transcribed Image Text:Sale of investments Issuance of notes payable Cash Paid for: 205,000 9,500 Purchase of inventory. Interest on notes payable Purchase of equipment Salaries to employees Payment of notes payable Dividends to shareholders 82,000 87,000 34,000 29,000 The balance of cash and cash equivalents at the beginning of 2024 was $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. BLUEBONNET BAKERS Statement of Cash Flows For the Year Ended December 31, 2024 Cash flows from operating activities: Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: 28,000 145,000 Net cash flows from financing activities Net increase in cash Cash and cash equivalents, January 1 Cash and cash equivalents, December 31
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