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The following summary transactions occurred during 2018 for Bluebonnet Bakers: Cash Received from: Customers $ 530,000 Interest on note receivable 5,500 Principal on note receivable
The following summary transactions occurred during 2018 for Bluebonnet Bakers:
Cash Received from: | |||
Customers | $ | 530,000 | |
Interest on note receivable | 5,500 | ||
Principal on note receivable | 58,000 | ||
Sale of investments | 38,000 | ||
Proceeds from note payable | 195,000 | ||
Cash Paid for: | |||
Purchase of inventory | 255,000 | ||
Interest on note payable | 9,500 | ||
Purchase of equipment | 97,000 | ||
Salaries to employees | 102,000 | ||
Principal on note payable | 44,000 | ||
Payment of dividends to shareholders | 39,000 | ||
The balance of cash and cash equivalents at the beginning of 2018 was $30,000. Required: Prepare a statement of cash flows for 2018 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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