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Cash Received from: Collections from customers $ 490,000 Interest on...

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Accounting

Cash Received from:
Collections from customers
$ 490,000
Interest on notes receivable
11,500
Collection of notes receivable
54,000
Sale of investments
34,000
Issuance of notes payable
175,000
Cash Paid for:
Purchase of inventory
235,000
Interest on notes payable
7,500
Purchase of equipment
90,000
Salaries to employees
95,000
Payment of notes payable
40,000
Dividends to shareholders
35,000
The following summary transactions occurred during 2024 for Bluebonnet Bakers:
The balance of cash and cash equivalents at the beginning of 2024 was $26,000.
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.
Answer is complete but not entirely correct.
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