E14-16 The following summary transactions occurred during 2011 for Bluebonnet Bakers:

E14-16 The following summary transactions occurred during 2011 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 5,000 Purchase of equipment 85,000 salaries to employees 90,000 Principal on note payable 25,000 payment of dividends to shareholders

The balance of cash and cash equivalents at the beginning of 2011 was $17,000.

Required:

Prepare a statement of cash flows for 2011 for Bluebonnet Bakers. Use the direct method for reporting operating activities.