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Make a statement of cash flows for Bluebonnet Bakers

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Reference no: EM132697008

Question - The following summary transactions occurred during 2021 for Bluebonnet Bakers:

Cash Received from:

Collections from customers $390,000

Interest on notes receivable 8,500

Collection of notes receivable 44,000

Sale of investments 24,000

Issuance of notes payable 125,000

Cash Paid for:

Purchase of inventory 185,000

Interest on notes payable 7,500

Purchase of equipment 70,000

Salaries to employees 75,000

Payment of notes payable 30,000

Dividends to shareholders 25,000

The balance of cash and cash equivalents at the beginning of 2021 was $16,000.

Required - Please make a statement of cash flows for 2021 for Bluebonnet Bakers. Use the direct method for reporting operating activities.

Reference no: EM132697008

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