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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: $ 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
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: $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: $24,000 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.*
Transcribed Image Text: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: $24,000 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.*
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