Question

The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers $ 380,000 Interest on notes receivable 6,000 Collection of notes receivable 50,000 Sale of investments 30,000 Issuance of notes payable 100,000 Cash Paid for: Purchase of inventory 160,000 Interest on notes payable 5,000 Purchase of equipment 85,000 Salaries to employees 90,000 Payment of notes payable 25,000 Dividends to shareholders 20,000 The balance of cash and cash equivalents at the beginning of 2021 was $17,000. Required: Prepare a statement of cash flows for 2021 for Bluebonnet Bakers. Use the direct method for reporting operating activities. (Amounts to be deducted should be indicated with a minus sign.)

Answer 1

Answer:

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