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Return to question Exercise 4-13 (Algo) Statement of cash flows preparation; direct method (L04-8) The following summary transactions occurred during 2021 for Bluebonnet Bakers: $520,000 5,000 57.000 37,000 190,000 Cash Received from: Collections from customers Interest on notes receivable Collection of notes receivable 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 250,000 9,000 96,000 101,000 43,000 38,000 The balance of cash and cash equivalents at the beginning of 2021 was $29,000. 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.) * Answer is not complete. BLUEBONNET BAKERS Statement of Cash Flows For the Year Ended December 31, 2021 Statement of Cash Flows For the Year Ended December 31, 2021 Cash flows from operating activities: Cash received from customers $ 520,000 Collection of notes receivable 5,000 Cash paid for merchandise (250,000) Payment of notes payable (9,000) Cash paid for salaries (101,000) $ 165,000 Net cash flows from operating activities Cash flows from investing activities: Sale of investments Collection of notes receivable Purchase of equipment 37,000 57,000 (96,000) (2.000) Net cash flows from investing activities Cash flows from financing activities: Issuance of notes payable Payment of notes payable Dividends paid to shareholders 190,000 (43,000) (38,000) 109,000 272,000 Net cash flows from financing activities Net increase in cash Cash and cash equivalents, January 1 Cash and cash equivalents, December 31 $ 272,000