Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. $ 25,007 18,193 43,200 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2018 Computer services revenue Net sales Total revenue Cost of goods sold $14,152 Depreciation expense-Office equipment 390 Depreciation expense-Computer equipment 1,250 Wages expense 2,650 Insurance expense 465 Rent expense 1,775 Computer supplies expense 1,265 Advertising expense 570 Mileage expense 230 Repairs expense-Computer 860 Total expenses Net income 23,607 $19,593 Dec. 31, 2017 $54,132 4,968 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2017, and March 31, 2018 Mar. 31, 2018 Assets Cash $ 80,637 Accounts receivable 24,467 Inventory 684 Computer supplies 2,065 Prepaid insurance 1,020 Prepaid rent 745 Total current assets 109,618 Office equipment 8,000 Accumulated depreciation-office equipment (780) Computer equipment 19,500 Accumulated depreciation-Computer equipment (2,500) Total assets $133,838 Liabilities and Equity Accounts payable $ Wages payable 885 Unearned computer service revenue Total current liabilities 885 Equity Common stock 109,000 Retained earnings 23,953 Total liabilities and equity $133,838 540 1,665 745 62,050 8,000 (390) 19,500 (1,250) $87,910 $ 1,160 590 2,000 3,750 76,000 8,160 $87,910 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 $33,000 to the business in exchange for additional stock in the first quarter of 2018 and has received $3,800 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 Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities Cash balance at December 31, 2017 Cash balance at March 31, 2018