NEED TO PREPARE STATEMENT OF CASH FLOWS

Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. $ 25,207 18,493 43,700 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 $14,352 340 1,240 3,150 505 1,675 1,255 530 260 860 24,167 $19,533 Dec. 31, 2019 $59,812 5,468 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, nd March 31, 2020 Mar. 31, 2020 Assets Cash $ 81,267 Accounts receivable 24,267 Inventory 694 Computer supplies 2,095 Prepaid insurance 1,040 Prepaid rent 795 Total current assets 110,158 Office equipment 7,800 Accumulated depreciation-office equipment (680) Computer equipment 19,400 Accumulated depreciation-Computer equipment (2,480) Total assets $134,198 Liabilities and Equity Accounts payable $ Wages payable 905 Unearned computer service revenue Total current liabilities 905 Equity Common stock 110,000 Retained earnings 23, 293 Total liabilities and equity $134,198 540 1,595 795 68,210 7,800 (340) 19,400 (1,240) $93,830 $ 1,150 520 2,200 3,870 82,000 7,960 $93,830 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 $28,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4,200 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 $ 0 Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities 0 $ 0 Cash balance at December 31, 2019 Cash balance at March 31, 2020 $ 0