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, 2018
Computer services revenue				$	24,607
Net sales					18,493
Total revenue					43,100
Cost of goods sold	$	14,552
Depreciation expenseOffice equipment		390
Depreciation expenseComputer equipment		1,190
Wages expense		2,650
Insurance expense		525
Rent expense		1,575
Computer supplies expense		1,255
Advertising expense		560
Mileage expense		260
Repairs expenseComputer		950
Total expenses					23,907
Net income				$	19,193

BUSINESS SOLUTIONS

Comparative Balance Sheets

December 31, 2017, and March 31, 2018

Mar. 31, 2018

Dec. 31, 2017

Assets

Cash

$

74,547

$

53,022

Accounts receivable

23,967

5,268

Inventory

634

0

Computer supplies

2,005

560

Prepaid insurance

1,030

1,565

Prepaid rent

745

745

Total current assets

102,928

61,160

Office equipment

8,000

8,000

Accumulated depreciationOffice equipment

(780

)

(390

)

Computer equipment

19,900

19,900

Accumulated depreciationComputer equipment

(2,380

)

(1,190

)

Total assets

$

127,668

$

87,480

Liabilities and Equity

Accounts payable

$

0

$

1,180

Wages payable

915

540

Unearned computer service revenue

0

2,100

Total current liabilities

915

3,820

Equity

Common stock

104,000

76,000

Retained earnings

22,753

7,660

Total liabilities and equity

$

127,668

$

87,480

Required: Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2018. Owner Santana Rey contributed $28,000 to the business in exchange for additional stock in the first quarter of 2018 and has received $4,100 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, 2018
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, 2017
Cash balance at March 31, 2018		$0