$24,407 18,493 42,900 Income Statement For Three Months Ended March 31, 2020 Computer services revenue Net sales Total revenue Cost of goods sold $14,552 Depreciation expense-Office equipment 320 Depreciation expense-Computer equipment 1,200 Wages expense 2,850 Insurance expense 535 Rent expense 2,375 Computer supplies expense Advertising expense Mileage expense Repairs expense-Computer 940 Total expenses Net income wuNw Dog 24,917 $17,983 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Dec. 31, 2019 Assets Cash $ 74,737 $52,372 Accounts receivable 23,967 5,468 Inventory 634 0 Computer supplies 2,065 540 Prepaid insurance 1,060 1,595 Prepaid rent 755 755 Total current assets 103, 218 60,730 Office equipment 7,200 7,200 Accumulated depreciation-office equipment (640) (320) Computer equipment 19,400 19,400 Accumulated depreciation-Computer equipment (2,400) (1,200) Total assets $126,778 $85,810 Liabilities and Equity Accounts payable $ 1,160 Wages payable 590 Unearned computer service revenue 2,200 Total current liabilities 935 3,950 Equity Common stock 104,000 74,000 Retained earnings 21,843 7,860 Total liabilities and equity $126,778 $85,810 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 first quarter of 2020 and has received $4,000 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, 2020 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities Cash balance at December 31, 2019 Cash balance at December 31, 2019 Cash balance at March 31, 2020