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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. $ 24,707 18,393 43,100 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2022 Computer services revenue Net sales Total revenue Cost of goods sold $ 14,852 Depreciation expense-office equipment 320 Depreciation expense-Computer equipment 1,200 Wages expense 2,350 Insurance expense 485 Rent expense 1,775 Computer supplies expense 1,235 Advertising expense 550 Mileage expense 310 Repairs expense-Computer 920 Total expenses Net income 23,997 $ 19,103 BUSINESS SOLUTIONS Comparative Balance sheets March 31, 2022 December 31, 2021 $ 56,432 5,368 Assets Cash Accounts receivable Inventory Computer supplies Prepaid insurance Prepaid rent Total current assets Office equipment Accumulated depreciation-office equipment Computer equipment Accumulated depreciation-Computer equipment Total assets Liabilities and Equity Accounts payable Wages payable Unearned computer serv revenue Total current liabilities Equity Common stock Retained earnings Total liabilities and equity $ 82,757 23, 867 654 2,105 1,070 755 111,208 7,600 (640) 19,700 (2,400) $ 135,468 500 1,605 755 64,660 7,600 (320) 19,700 (1,200) $ 90,440 $ 0 905 0 905 $ 1,130 550 2,500 4,180 112,000 22,563 $ 135,468 78,000 8,260 $ 90,440 Required: Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2022. Owner Santana Rey contributed $34,000 to the business in exchange for additional stock in the first quarter of 2022 and has received $4,800 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, 2022 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current assets and current liabilities S Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities Decrease in accounts receivable Cash received from stock issuance Decrease in accounts payable Net cash provided by financing activities S 0 Cash balance at December 31, 2021 Cash balance at March 31, 2022 S o

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