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BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2022 Computer services revenue Net sales Total revenue Cost of goods sold Depreciation expense-Office
BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2022 Computer services revenue Net sales Total revenue Cost of goods sold Depreciation expense-Office equipment $ 15,052 330 1,220 $ 24,607 18,493 43,100 Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Repairs expense-Computer Total expenses Net income Assets Cash Accounts receivable Inventory Computer supplies Prepaid insurance Prepaid rent 3,150 475 1,775 1,305 500 220 940 24,967 $ 18,133 BUSINESS SOLUTIONS Comparative Balance Sheets March 31, December 31, 2022 2021 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 service revenue Total current liabilities Equity Common stock Retained earnings Total liabilities and equity Required: $ 83,197 23,967 $ 61,852 4,868 0 654 2,005 560 1,070 1,625 795 795 111,688 69,700 7,100 7,100 (660) (330) 19,100 (2,440) $ 134,788 19,100 (1,220) $ 94,350 $ 0 895 0 $ 1,200 590 1,700 895 3,490 112,000 21,893 $ 134,788 83,000 7,860 $ 94,350 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 $29,000 to the business in exchange for additional stock in the first quarter of 2022 and has received $4,100 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.)
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