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The following summary transactions occurred during 2016 for Bluebonnet Bakers Cash Received from Customers Interest on note receivable Principal on note receivable Sale of investments
The following summary transactions occurred during 2016 for Bluebonnet Bakers Cash Received from Customers Interest on note receivable Principal on note receivable Sale of investments Proceeds from note payable $510,000 12,500 56,000 36,000 185,000 Cash Paid for: Purchase of inventory Interest on note payable Purchase of equipment Salaries to employees Principal on note payable Payment of dividends to shareholders 245,000 8,500 95,000 100,000 42,000 37,000 The balance of cash and cash equivalents at the beginning of 2016 was $28,000 Required Prepare a statement of cash flows for 2016 for Bluebonnet Bakers. Use the direct method for reporting operating activities. (Amounts to be deducted should be indicated with a minus sign.)
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