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CoursHeroTranscribedText: Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. BUSINESS SOLUTIONS Income Statement For Three Months Ended Harch 31, 2323 Computer services revenue $25,33? Net sales 1?,?33 Total revenue 42,833 Cost of goods sold $14,352 Depreciation expenseOffice equipment 333 Depreciation expenseComputer equipment 1,253 wages expense 2,853 Insurance expense 535 Rent expense 2,4?5 Computer supplies expense 1,235 Advertising expense 523 Mileage expense 2?3 Repairs expenseComputer 913 Total expenses 25,29? Net income $17s593 Assets Cash Accounts receivable Inventory Computer supplies Prepaid insurance Prepaid rent Total current assets Gttice equipment BUSINESS SOLUTIONS Comparative Balance Sheets Accumulated depreciationffice equipment Computer equipment Accumulated depreciationComputer equipment Total assets Liabilities and Equity Accounts payable wages payable Unearned computer service revenue Total current liabilities Equity Common stock Retained earnings Total liabilities and eouitv December 31, 2313, and March 31, 2323 Mar. 31, 2323 5 23,212 23,332 334 2,925 1,959 225 192,193 2,299 {TEE} 19,399 {2,599} $139,343 $ 3 335 3 385 193,999 29,433 $139,343 Dec. 31, 2319 552,522 4,233 9 529 1,325 225 35,239 2,299 {339) 15,399 {1,259} $59,139 5 1,119 539 1,299 3,329 23,999 2,239 539,139 Required: Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2020. Owner Santana Rey contributed $30,000 to the business in exchange for additional stock in the rst quarter of 2020 and has received $4,800 in cash dividends. [Amounts 1.0 be deducted should be indicated with a minus sign} Cash ows from operating activities _ Adjustments to reconcile net income to net cash provided by operating activities _ _ _ _ _ _ _ _ _ _ _ $ 0 _ - _ _ _ _ n $ 0 _

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