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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 Baded March 31, 2020 Computer services revenue $25,307 Net sales 18,193 Total revenue 43,500 Cont of goods sold $14,552 Depreciation expense-office equipment 350 Depreciation expenno-Computer equipment 1.250 Wagen expense 2,450 Insurance expense Rent expense 2,375 Computer supplies expense 1,205 Advertising expense 560 Mileage expenso 290 Repair expense-Computer 900 Total expenses 24,427 Net income $19,073 495 Dec. 31, 2019 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Assets Cash $ 75,237 Accounts receivable 23,567 Inventory 634 Computer supplies 2,085 Prepaid insurance 1,100 Prepaid rent 755 Total current assets 103,378 office equipment 7,700 Accumulated depreciation-office equipment (700) Computer equipment 19,600 Accumulated depreciation-Computer equipment (2,500) Total assets $127,478 Liabilities and Equity Accounts payable $ 0 Wages payable 945 Unearned computer service revenue 0 Total current liabilities 945 Equity Common stock 104,000 Retained earnings 22,533 Total 11abilities and equity $127,478 $53,992 5,068 0 560 1,565 755 61,940 7,700 (350) 19,600 (1,250) $87,640 $ 1.180 600 1,800 3,580 76,000 8,060 $87,640 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 $28,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4,600 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.)

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