Question
BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2022 Computer services revenue Net sales Total revenue Cost of goods sold $ 24,807
BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2022 Computer services revenue Net sales Total revenue Cost of goods sold $ 24,807 17,893 42,700 Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Repairs expense-Computer Total expenses Net income $ 14,352 330 1,200 2,950 525 1,875 1,205 530 220 880 Assets Cash Accounts receivable Inventory Computer supplies Prepaid insurance Prepaid rent Total current assets 24,067 $ 18,633 BUSINESS SOLUTIONS Comparative Balance Sheets March 31, 2022 December 31, 2021 Office equipment Accumulated depreciation-Office equipment Computer equipment Accumulated depreciation-Computer 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 equity Required: $ 75,777 23,767 $ 55,462 5,068 0 694 2,075 540 1,090 1,645 735 735 (2,400) $ 127,878 104,138 7,500 (660) 19,300 63,450 7,500 (330) 19,300 (1,200) $ 88,720 $ 0 $ 1,120 885 540 0 1,900 885 3,560 104,000 22,993 77,000 8,160 $ 127,878 $ 88,720 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 $27,000 to the business in exchange for additional stock in the first quarter of 2022 and has received $3,800 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started