Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business. (Although the serial problem allowed for various ownership changes in earlier chapters, we will prepare the statement of cash flows using the following financial data.)

BUSINESS SOLUTIONS
Income Statement
For Three Months Ended March 31, 2016
Computer services revenue				$	24,807
Net sales					17,693
Total revenue					42,500
Cost of goods sold	$	14,552
Depreciation expenseOffice equipment		360
Depreciation expenseComputer equipment		1,230
Wages expense		2,550
Insurance expense		505
Rent expense		2,375
Computer supplies expense		1,265
Advertising expense		510
Mileage expense		230
Repairs expenseComputer		890
Total expenses					24,467
Net income				$	18,033

BUSINESS SOLUTIONS
Comparative Balance Sheets
December 31, 2015, and March 31, 2016
	Mar. 31, 2016				Dec. 31, 2015
Assets
Cash	$	79,097			$	57,512
Accounts receivable		23,667				5,268
Inventory		654				0
Computer supplies		2,065				500
Prepaid insurance		1,090				1,575
Prepaid rent		735				735
Total current assets		107,308				65,590
Office equipment		7,800				7,800
Accumulated depreciationOffice equipment		(720	)			(360	)
Computer equipment		19,200				19,200
Accumulated depreciationComputer equipment		(2,460	)			(1,230	)
Total assets	$	131,128			$	91,000
Liabilities and Equity
Accounts payable	$	0			$	1,170
Wages payable		935				570
Unearned computer service revenue		0				1,600
Total current liabilities		935				3,340
Equity
Common stock		109,000				80,000
Retained earnings		21,193				7,660
Total liabilities and equity	$	131,128			$	91,000

Required:

Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2016. Recall that the owner Santana Rey contributed $29,000 to the business in exchange for additional stock in the first quarter of 2016 and has received $4,500 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.) BUSINESS SOLUTIONS Statement of Cash Flows (Indirect) For Quarter Ended March 31, 2016 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities $0 Cash flows from investing activities Net cash used in investing activities 0 Cash flows from financing activities 0 $0 Cash balance at December 31, 2015 Cash balance at March 31, 2016 $0