Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. $ 24,607 18,193 42,800 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Computer services revenue Net sales Total revenue Cost of goods sold $14,252 Depreciation expense-office equipment 340 Depreciation expense-Computer equipment 1,240 Wages expense 3,250 Insurance expense 485 Rent expense 1,475 Computer supplies expense 1,255 Advertising expense 600 Mileage expense 260 Repairs expense-Computer 900 Total expenses Net income 24,057 $18,743 Dec. 31, 2019 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Assets Cash $ 88,267 Accounts receivable 23,867 Inventory 644 Computer supplies 2,035 Prepaid insurance 1,060 Prepaid rent 735 Total current assets 116,608 Office equipment 7,500 Accumulated depreciation-office equipment (680) Computer equipment 19,800 Accumulated depreciation-Computer equipment (2,480) Total assets $140, 748 Liabilities and Equity Accounts payable $ 0 Wages payable 945 Unearned computer service revenue 0 Total current liabilities 945 Equity Common stock 117,000 Retained earnings 22,803 Total liabilities and equity $140,748 $ 60,962 4,868 0 550 1,585 735 68,700 7,500 (340) 19,800 (1,240) $ 94,420 $ 1,140 520 2,400 4,060 82,000 8,360 $ 94,420 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 $35,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4,300 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