C3 The following summary transactions occurred during 2024 for Bluebonnet Bakers:Cash Received from:Collections from customersInterest on notes receivableCollection of notes receivableSale of investmentsIssuance of notes payable.Cash Paid for:Purchase of inventoryInterest on notes payablePurchase of equipmentSalaries to employeesPayment of notes payableDividends to shareholders29,00024,000The balance of cash and cash equivalents at the beginning of 2024 was $15,000.$ 380,0008,00043,00023,000120,000180,0007,00068,00073,000Required:Prepare a statement of cash flows for 2024 for Bluebonnet Bakers. Use the direct method for reporting operating activities.Note: Amounts to be deducted should be indicated with a minus sign.EDe editb of ther Edit

The direct technique of preparing the Cash Flow Statement entails reporting cash collections and…

The following summary transactions occurred during 2024 for Bluebonnet Bakers: Cash Received from: Collections from customers Interest on notes receivable. Collection of notes receivable Sale of investments Issuance of notes payable. Cash Paid for: $ 380,000 8,000 43,000 23,000 120,000 180,000 7,000 Purchase of inventory. Interest on notes payable i Purchase of equipment Salaries to employees Payment of notes payable. Dividends to shareholders 68,000 73,000 29,000 24,000 The balance of cash and cash equivalents at the beginning of 2024 was $15,000. Required: Prepare a statement of cash flows for 2024 for Bluebonnet Bakers. Use the direct method for reporting operating activities. Note: Amounts to be deducted should be indicated with a minus sign.

The following summary transactions occurred during 2024 for Bluebonnet Bakers: Cash Received from: Collections from customers Interest on notes receivable. Collection of notes receivable Sale of investments Issuance of notes payable. Cash Paid for: $ 380,000 8,000 43,000 23,000 120,000 180,000 7,000 Purchase of inventory. Interest on notes payable i Purchase of equipment Salaries to employees Payment of notes payable. Dividends to shareholders 68,000 73,000 29,000 24,000 The balance of cash and cash equivalents at the beginning of 2024 was $15,000. Required: Prepare a statement of cash flows for 2024 for Bluebonnet Bakers. Use the direct method for reporting operating activities. Note: Amounts to be deducted should be indicated with a minus sign.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 2PB: To demonstrate the difference between cash account activity and accrual basis profits (net income),...

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The following summary transactions occurred during 2024 for Bluebonnet Bakers: Cash Received from: Collections from customers Interest on notes receivable Collection of notes receivable Sale of investments Issuance of notes payable Cash Paid for: Purchase of inventory $ 380,000 6,000 50,000 30,000 100, 000 160, 000 5,000 85,000 90,000 Interest on notes payable Purchase of equipment Salaries to employees Payment of notes payable Dividends to shareholders The balance of cash and cash equivalents at the beginning of 2024 was $17,000. 25,000 20,000 Required: Prepare a statement of cash flows for 2024 for Bluebonnet Bakers. Use the direct method for reporting operating activities. Note: Amounts to be deducted should be indicated with a minus sign.
The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers Interest on notes receivable Collection of notes receivable $460,000 10,e00 51,000 31,000 160,000 Sale of investments Issuance of notes payable- Cash Paid for: Purchase of inventory Interest on notes payable Purchase of equipment Salaries to employees Payment of notes payable Dividends to shareholders 220,000 6,000 85,000 90,000 37,000 32,000 The balance of cash and cash equivalents at the beginning of 2021 was $23,000. 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.)
The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from:Collections from customers $380,000Interest on notes receivable 6,000Collection of notes receivable 50,000Sale of investments 30,000Issuance of notes payable 100,000Cash Paid for:Purchase of inventory 160,000Interest on notes payable 5,000Purchase of equipment 85,000Salaries to employees 90,000Payment of notes payable 25,000Dividends to shareholders…
The following summary transactions occurred during 2018 for Bluebonnet Bakers:Cash Received from:Customers $380,000Interest on note receivable 6,000Principal on note receivable 50,000Sale of investments 30,000Proceeds from note payable 100,000Cash Paid for:Purchase of inventory 160,000Interest on note payable 5,000Purchase of equipment 85,000Salaries to employees 90,000Principal on note payable 25,000Payment of dividends to shareholders 20,000The balance of cash and cash equivalents at the beginning of 2018 was $17,000.Required:Prepare a statement of cash flows for 2018 for Bluebonnet Bakers. Use the direct method for reporting operatingactivities
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:Prepare a statement of cash flows for 2021 for Bluebonnet Bakers. Use the direct method for reporting operating activities.
The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers $ 480,000 Interest on notes receivable 11,000 Collection of notes receivable 53,000 Sale of investments 33,000 Issuance of notes payable 170,000 Cash Paid for: Purchase of inventory 230,000 Interest on notes payable 7,000 Purchase of equipment 87,000 Salaries to employees 92,000 Payment of notes payable 39,000 Dividends to shareholders 34,000 The balance of cash and cash equivalents at the beginning of 2021 was $25,000. 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.)
The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…
The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…
The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…