C3 The following summary transactions occurred during 2024 for Bluebonnet Bakers:**Cash Received from:**- Collections from customers: $380,000- Interest on notes receivable: $3,000- Collection of notes receivable: $48,000- Sale of investments: $23,000- Issuance of notes payable: $120,000**Cash Paid for:**- Purchase of inventory: $180,000- Interest on notes payable: $9,000- Purchase of equipment: $73,000- Salaries to employees: $92,000- Payment of notes payable: $70,000- Dividends to shareholders: $24,000The balance of cash and cash equivalents at the beginning of 2024 was $15,000.**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 direct technique of preparing the Cash Flow Statement entails reporting cash collections and…

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: $ 380,000 8,000 43,000 23,000 120,000 180,000 7,000 Purchase of inventory. Interest on notes payable i Purchase of equipment Salaries to employees Payment of notes payable. Dividends to shareholders 68,000 73,000 29,000 24,000 The balance of cash and cash equivalents at the beginning of 2024 was $15,000. 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: $ 380,000 8,000 43,000 23,000 120,000 180,000 7,000 Purchase of inventory. Interest on notes payable i Purchase of equipment Salaries to employees Payment of notes payable. Dividends to shareholders 68,000 73,000 29,000 24,000 The balance of cash and cash equivalents at the beginning of 2024 was $15,000. 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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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