Name: Date: Cells highlighted in green contain a drop-down list; select the appropriate account/response from the When the calculation for the cash balance at March 31, 2021 is correct, the cell will change to yellow. Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. $25,307 18,693 44,000 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2021 Computer services revenue Net sales Total revenue Cost of goods sold $14,052 Depreciation expense-Office equipment 400 Depreciation expense-Computer equipment 1,250 Wages expense 3,250 Insurance expense 555 Rent expense 2,475 Computer supplies expense 1,305 Advertising expense 600 Mileage expense 320 Repairs expense-Computer 960 Total expenses Net income 25,167 $18,833 Dec. 31, 2020 BUSINESS SOLUTIONS Comparative Balance Sheets Mar. 31, 2021 Assets Cash $68,057 Accounts receivable 22,867 Inventory 704 Computer supplies 2,005 Prepaid Insurance 1,110 Prepaid rent 825 Total current assets Office equipment 8,000 Accumulated depreciation Office equipment (800) Computer equipment 20,000 Accumulated depreciation-Computer equipment (2,500) Total assets $120,268 Liabilities and Equity Accounts payable $0 Wages payable 875 Uneared computer service revenue 0 Total current liabilities 875 Equity 95,568 $48,372 5,668 0 580 1,665 825 57,110 8,000 (400) 20.000 (1,250) $83,460 $1,100 500 1,500 3,100 Common stock Retained earnings Total liabilities and equity 98,000 21,393 $120.268 73,000 7,360 $83,460 Required: Prepare a statement cash flows for Business Solutions using the indirect method for the three months ended March 31, 2021. Owner Santana Rey contributed $25,000 to the business in exchange for additional stock in the first quarter of 2021 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, 2021 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Cash flows from investing activities Cash flows from financing activities Cash balance at December 31, 2020 Cash balance at March 31, 2021