Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business. (Although the serial problem allowed for various ownership changes in earlier chapters, we will prepare the statement of cash flows using the following financial data.)

Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flow business. (Although the serial problem allowed for various ownership changes in earlie will prepare the statement of cash flows using the following financial data.) BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2016 Computer services revenue Net sales $24,607 18,593 43,200 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 $14,252 380 1,250 2,750 455 2,375 1,205 590 320 930 Total expenses 24,507 Net income $18,693 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2015, and March 31, 2016 Mar. 31 2016 Dec. 31 2015 Assets Cash Accounts receivable Inventory Computer supplies Prepaid insurance Prepaid rent 74,847 54,372 4,868 23,667 684 2,075 1,030 775 500 1,595 775 Total current assets Office equipment Accumulated depreciation-Office equipment Computer equipment Accumulated depreciation-Computer equipment 103,078 7,300 (760) 19,700 (2,500) 62,110 7,300 (380) 19,700 1250)