Business, 19.02.2020 22:29 cat20220

The following summary transactions occurred during 2018 for Bluebonnet Bakers:

Cash Received from:
Customers $ 380,000
Interest on note receivable 6,000
Principal on note receivable 50,000
Sale of investments 30,000
Proceeds from note payable 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 shareholders 20,000

The balance of cash and cash equivalents at the beginning of 2018 was $17,000.

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.)

Answers: 1

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The following summary transactions occurred during 2018 for Bluebonnet Bakers:

Cash Rece...

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