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The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers $ 410,000 Interest on notes receivable 9,500 Collection of
The following summary transactions occurred during 2021 for Bluebonnet Bakers:
Cash Received from: | |||
Collections from customers | $ | 410,000 | |
Interest on notes receivable | 9,500 | ||
Collection of notes receivable | 46,000 | ||
Sale of investments | 26,000 | ||
Issuance of notes payable | 135,000 | ||
Cash Paid for: | |||
Purchase of inventory | 195,000 | ||
Interest on notes payable | 8,500 | ||
Purchase of equipment | 80,000 | ||
Salaries to employees | 85,000 | ||
Payment of notes payable | 32,000 | ||
Dividends to shareholders | 27,000 | ||
The balance of cash and cash equivalents at the beginning of 2021 was $18,000. Required: Prepare the statement of cash flows assuming that Bluebonnet prepares its financial statements according to International Financial Reporting Standards. Where IFRS allows flexibility, use the classification used most often in IFRS financial statements. (Amounts to be deducted should be indicated with a minus sign.)
Answer is not complete. BLUEBONNET BAKERS Statement of Cash Flows For the Year Ended December 31, 2021 Cash flows from operating activities: Cash received from customers $ 410.000 Cash paid for salaries (85,000) Cash paid for merchandise (195,000) Interest on notes receivable x $ 130,000 Net cash flows from operating activities Cash flows from investing activities: 0 Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities 0 Net increase in cash 130,000 Cash and cash equivalents, January 1 Cash and cash equivalents, December 31 $ 130,000
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