C Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. $25,007 17,993 43,000 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Computer services revenue Net sales Total revenue Cost of goods sold 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 $14,252 380 1,230 3,050 535 2,075 1,235 540 230 870 24,397 $ 18,603 Dec 31, 2019 $60,462 5,568 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Assets Cash $ 86,447 Accounts receivable 24,067 Inventory 624 Computer supplies 2,095 Prepaid insurance 1,090 Prepaid rent 805 Total current assets 115,128 Office equipment 7,200 Accumulated depreciation-office equipment (760) Computer equipment 19,100 Accumulated depreciation-Computer equipment (2,460) Total assets $ 138,208 Liabilities and Equity Accounts payable $ 3 Wages payable 945 Unearned computer service revenue Total current liabilities 945 Equity Common stock 115,000 Retained earnings 22, 263 Total liabilities and equity $138,208 580 1,625 805 69, 040 7,200 (380) 19, 100 (1,230) $93,730 $ 1,140 530 1,900 3,570 82,000 8,160 $93,730 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 $33,000 to the business in exchange for additional stock in the first quarter of 2020 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, 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 March 31, 2020