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Prepare a statement of cash flows for bluebonnet bakers

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Reference no: EM13504961

The following summary transactions occurred during 2011 for Bluebonnet Bakers:

Cash Received from:

    Customers                                                                $ 380,000

     Interest on note receivable                                         6,000

     Principal on note receivable                                         50,000

     Sale of investments                                                   30,000

     Proceeds from note payable                                        100,000

Cash paid for:

     Purchase of inventory                                            $ 160,000

      Interest on note payable                                             5,000

     Purchase of equipment                                              85,000

     Salaries to employees                                                 90,000

     Principal on note payable                                           25,000

     Payment of dividends to shareholders                          20,000

 

 The balance of cash and cash equivalents at the beginning of 2011 was $17,000.

Required:

Prepare a statement of cash flows for 2011 for Bluebonnet Bakers. Use the direct method for reporting operating activities.

 

Reference no: EM13504961

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