Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help me. thank you. The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers Interest on notes receivable
please help me. thank you.
The following summary transactions occurred during 2021 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 $470,000 10,500 52,000 32,000 165,000 225,000 6,500 86,000 91,000 38,000 33,000 The balance of cash and cash equivalents at the beginning of 2021 was $24,000. 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.) BLUEBONNET BAKERS Statement of Cash Flows For the Year Ended December 31, 2021 Cash flows from operating activities Collection of notes receivable $ 470,000 Prey 4 of 4 ! Next Homework #2 Saved For the Year Ended December 31, 2021 Cash flows from operating activities Collection of notes receivable $ 470,000 $ Net cash flows from operating activities Cash flows from investing activities 470.000 0 Net cash flows from investing activities Cash flows from financing activities 0 470,000 Net cash flows from financing activities Net increase in cash Cash and cash equivalents, January 1 Cash and cash equivalents, December 31 $ 470,000Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started