The following summary transactions occurred during 2016 for Bluebonnet Bakers: Cash Received from: $380,000 Customers Interest on note receivable 6,000 50,000 Principal on note receivable Sale of investments 30,000 Proceeds from note payable 100,000 Cash Paid for: Purchase of inventory 160,000 Interest on note payable Purchase of equipment Salaries to employees Principal on note payable Payment of dividends to shareholders 5,000 85,000 90,000 25,000 20,000 The balance of cash and cash equivalents at the beginning of 2016 was $17,000. Required: Prepare a statement of cash flows for 2016 for Bluebonnet Bakers. Use the direct method for reporting operating activities.

The following summary transactions occurred during 2016 for Bluebonnet Bakers: Cash Received from: $380,000 Customers Interest on note receivable 6,000 50,000 Principal on note receivable Sale of investments 30,000 Proceeds from note payable 100,000 Cash Paid for: Purchase of inventory 160,000 Interest on note payable Purchase of equipment Salaries to employees Principal on note payable Payment of dividends to shareholders 5,000 85,000 90,000 25,000 20,000 The balance of cash and cash equivalents at the beginning of 2016 was $17,000. Required: Prepare a statement of cash flows for 2016 for Bluebonnet Bakers. Use the direct method for reporting operating activities.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12A: The Statement Of Cash Flows

Section: Chapter Questions

Problem 1P: Mahoney Company has the following financial statements for 2017 and 2018. Assume that the purchase...

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