Cash Received from:

Collections from customers

$ $490,000$

Interest on notes receivable

$11,500$

Collection of notes receivable

$54,000$

Sale of investments

$34,000$

Issuance of notes payable

$175,000$

Cash Paid for:

Purchase of inventory

$235,000$

Interest on notes payable

$7,500$

Purchase of equipment

$90,000$

Salaries to employees

$95,000$

Payment of notes payable

$40,000$

Dividends to shareholders

$35,000$

The following summary transactions occurred during $2024$ for Bluebonnet Bakers:

The balance of cash and cash equivalents at the beginning of $2024$ was $$26,000.$

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.

Answer is complete but not entirely correct.