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Question 5: The following summary transactions occurred during year 1 for Peach Pink Bakers: Cash...

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Accounting

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Question 5: The following summary transactions occurred during year 1 for Peach Pink Bakers: Cash Received from: $375,000 7,000 51,765 31,059 100,000 Customers Intereston note receivable Principal on note receivable Sale of investments Proceeds from note payable Cash Paid for: Purchase of inventory Interest on note payable Purchase of equipment Salaries to employees Principal on note payable Payment of dividends to shareholders 157,895 4,500 88,000 88,816 25,000 20,000 The balance of cash and cash equivalents at the beginning of year 1 was $25,000. Required: Prepare a statement of cash flows for year 1 for Peach Pink Bakers. Use the direct method for reporting operating activities

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