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 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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 12Q: Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales...

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Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?
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 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 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 $ 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.)
Chamberlain Enterprises Incorporated reported the following receivables in its December 31, 2024, year-end balance sheet: Current assets: Accounts receivable, net of $24,000 in allowance for uncollectible accounts $ 218,000 Interest receivable 6,800 Notes receivable 260,000 Additional Information: The notes receivable account consists of two notes, a $60,000 note and a $200,000 note. The $60,000 note is dated October 31, 2024, with principal and interest payable on October 31, 2025. The $200,000 note is dated June 30, 2024, with principal and 6% interest payable on June 30, 2025. During 2025, sales revenue totaled $1,340,000, $1,280,000 cash was collected from customers, and $22,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable. On March 31, 2025, the $200,000 note receivable was discounted at the Bank of Commerce. The…
The following summary transactions occurred during 2013 for Bluebonnet Bakers: BUKORZ H Cash Received from: $380,000 Customers 6,000 Interest on note receivable 50,000 Principal on note receivable Sale of investments 30,000 Proceeds from note payable SE 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 shareholderste dos 20,000 The balance of cash and cash equivalents at the beginning of 2013 was $17,000. 101 hugo braan Required: Joogia 14 Prepare a statement of cash flows for 2013 for Bluebonnet Bakers, assuming that dividends paid is classified as an operating cash flow, interest received is classified as an investing cash flow, and interest paid is classified as a financing cash flow. Use the direct method for reporting operating activities.
On October 1, 2017 Chung, Inc. assigns S1,000,000 of its accounts receivable to Seneca National bank as collateral for a $750.000 note. The bank assesses a finance charge of 2% of the receivables assigned and intereest on the note of 9% Prepare the Journal entry for Chung Inc. Notes Payable 750,000 Interest Expense 20,000 Cash 730,000 Notes Payable O Interest Expense Cash 730,000 20,000 750,000 Cash 730,000 O Interest Expense 20,000 Notes Payable 750,000 Cash 750,000 Interest Expense 20,000 Notes Payable 730,000
On October 1, 2017 Chung, Inc. assigns $1,000,000 of its accounts receivable to Seneca National bank as collateral for a $750,000 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 9% Prepare the Journal entry for Seneca National Bank Cash 730,000 O Interest Expense Notes Payable 20,000 750,000
Chamberlain Enterprises Incorporated reported the following receivables in its December 31, 2024, year-end balance sheet: Current assets: Accounts receivable, net of $26,000 in allowance for uncollectible accounts $ 228,000 Interest receivable 7,850 Notes receivable 280,000 Additional Information: The notes receivable account consists of two notes, a $55,000 note and a $225,000 note. The $55,000 note is dated October 31, 2024, with principal and interest payable on October 31, 2025. The $225,000 note is dated June 30, 2024, with principal and 6% interest payable on June 30, 2025. During 2025, sales revenue totaled $1,360,000, $1,290,000 cash was collected from customers, and $ 24,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year -end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable. On March 31, 2025, the $225,000 note receivable was discounted at the Bank of Commerce. The…
The following selected transactions occurred in Trouble Company during the year ended December 31, 2020: Gross sales (cash and credit) Collections from credit customers, net of 2% cash P750,000 245,000 discount Cash sales 150,000 Uncollectible accounts written off 16,000 Sales returns and allowances 8,400 Recoveries on accounts receivable written off in prior years (not included in cash received stated above) 5,421 At year-end, the company provides for estimated bad debt losses by crediting Allowance for Bad Debts for 2% of its net credit sales for the year. What is the bad debt expense for 2020? P11,732 P14,732 P15,000 P12,000
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2021, year-end balance sheet: Current assets: Accounts receivable, net of $24,000 in allowance foruncollectible accounts $ 218,000 Interest receivable 6,800 Notes receivable 260,000 Additional Information: The notes receivable account consists of two notes, a $60,000 note and a $200,000 note. The $60,000 note is dated October 31, 2021, with principal and interest payable on October 31, 2022. The $200,000 note is dated June 30, 2021, with principal and 6% interest payable on June 30, 2022. During 2022, sales revenue totaled $1,340,000, $1,280,000 cash was collected from customers, and $22,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable. On March 31, 2022, the $200,000 note receivable was discounted at…