The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers $ 470,000 Interest on notes receivable 10,500 Collection of notes receivable 52,000 Sale of investments 32,000 Issuance of notes payable 165,000 Cash Paid for: Purchase of inventory 225,000 Interest on notes payable 6,500 Purchase of equipment 86,000 Salaries to employees 91,000 Payment of notes payable 38,000 Dividends to shareholders 33,000 The balance of cash and cash equivalents at the beginning of 2021 was $24,000. 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.)

Total cash flow generated for the year: 250,000

Beginning cash flow                                  24,000

Ending Cash flow                                     274,000

Explanation:

Operating

Collections from customers $   470,000

Purchase of inventory               (225,000)

Salaries to employees                  (91,000)  

cash flow generated from op:     154,000

Financing

Collected Interest on notes receivable 10,500

Collection of notes receivable              52,000

Issuance of notes payable                  165,000

Interest on notes payable                       (6,500)

Payment of notes payable                    (38,000)

Dividends to shareholders                   (33,000)  

Cash flow from financing                     150,000  

Investing

Sale of investments        32,000

Purchase of equipment (86,000)

Cash used in investing:  (54,000)

Total cash flow generated for the year: 250,000

Beginning cash flow                                  24,000

Ending Cash flow                                     274,000

Cash Paid for:    The balance of cash and cash equivalents at the beginning of 2021 was $24,000.

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explanation:

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