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The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Interest on notes receivable Collections from customers $450,000 9,500 Collection of
The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Interest on notes receivable Collections from customers $450,000 9,500 Collection of notes receivable 50,000 Sale of investments 30,000 Issuance of notes payable 155,000 Cash Paid for: Purchase of inventory Purchase of equipment 215,000 Interest on notes payable 5,500 84,000 Salaries to employees Payment of notes payable Dividends to shareholders 89,000 36,000 31,000 The balance of cash and cash equivalents at the beginning of 2021 was $22,000. 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.)
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