BLUEBONNET BAKERSStatement of Cash FlowsFor the Year Ended December 31, 2021Cash flows from operating activities:Net cash flows from operating activitiesCash flows from investing activities:Net cash flows from investing activitiesCash flows from financing activities:Net cash flows from financing activitiesNet increase in cashCash and cash equivalents, January 1Cash and cash equivalents, December 31 The following summary transactions occurred during 2021 for Bluebonnet Bakers:Cash Received from:Collections from customersInterest on notes receivableCollection of notes receivable$460,00010,e0051,00031,000160,000Sale of investmentsIssuance of notes payable-Cash Paid for:Purchase of inventoryInterest on notes payablePurchase of equipmentSalaries to employeesPayment of notes payableDividends to shareholders220,0006,00085,00090,00037,00032,000The 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 FinancialReporting Standards. Where IFRS allows flexibility, use the classification used most often in IFRS financial statements, (Amounts to bededucted should be indicated with a minus sign.)

Cash Flow Statement The purpose of preparing the cash flow statement is to know the movement of cash…

The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers Interest on notes receivable Collection of notes receivable Sale of investments $460,000 10,e00 51,000 31,000 160, 000 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 Interest on notes receivable Collection of notes receivable Sale of investments $460,000 10,e00 51,000 31,000 160, 000 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.)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 43E: Determining Cash Flows from Financing Activities Solomon Construction Company reported the following...

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To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750
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Determining Cash Flows from Financing Activities Solomon Construction Company reported the following amount on its balance sheet at the end of 2019 and 2018 for notes payable: Required: 1. If Solomon did not repay any notes payable during 2019, determine how much cash Solomon received from the issuance of notes payable. 2. If Solomon repaid $40,000 of notes payable during 2019, determine what amounts Solomon would report in the financing activities section of the statement of cash flows.
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.
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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.)
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