Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data.

BUSINESS SOLUTIONS
Income Statement
For Three Months Ended March 31, 2020
Computer services revenue				$	24,507
Net sales					17,793
Total revenue					42,300
Cost of goods sold	$	14,352
Depreciation expenseOffice equipment		320
Depreciation expenseComputer equipment		1,170
Wages expense		2,450
Insurance expense		485
Rent expense		1,775
Computer supplies expense		1,215
Advertising expense		550
Mileage expense		280
Repairs expenseComputer		930
Total expenses					23,527
Net income				$	18,773

BUSINESS SOLUTIONS
Comparative Balance Sheets
December 31, 2019, and March 31, 2020
	Mar. 31, 2020						Dec. 31, 2019
Assets
Cash		$	79,947					$	59,952
Accounts receivable			24,467						5,268
Inventory			614						0
Computer supplies			2,015						490
Prepaid insurance			1,060						1,625
Prepaid rent			745						745
Total current assets			108,848						68,080
Office equipment			7,500						7,500
Accumulated depreciationOffice equipment			(640	)					(320	)
Computer equipment			19,000						19,000
Accumulated depreciationComputer equipment			(2,340	)					(1,170	)
Total assets		$	132,368					$	93,090
Liabilities and Equity
Accounts payable		$	0					$	1,150
Wages payable			935						580
Unearned computer service revenue			0						2,200
Total current liabilities			935						3,930
Equity
Common stock			109,000						81,000
Retained earnings			22,433						8,160
Total liabilities and equity		$	132,368					$	93,090

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 $4,500 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
Net income
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation expenseOffice equipment
Depreciation expenseComputer equipment
Increase in accounts receivable
Increase in inventory
Increase in computer supplies
Increase in prepaid insurance
Decrease in accounts payable
Increase in wages payable
Decrease in unearned computer service revenue
Net cash used by operating activities		$0
Cash flows from investing activities
Net cash used in investing activities
Cash flows from financing activities
Cash received from stock issuance
Cash paid for dividends
Net cash provided by financing activities		0
Net increase in cash		$0
Cash balance at December 31, 2019
Cash balance at March 31, 2020		$0