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.)

BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2016 Computer services revenue $ 24,807 Net sales 18,393 Total revenue 43,200 Cost of goods sold $ 14,452 Depreciation expenseOffice equipment 380 Depreciation expenseComputer equipment 1,170 Wages expense 2,650 Insurance expense 545 Rent expense 2,375 Computer supplies expense 1,205 Advertising expense 570 Mileage expense 240 Repairs expenseComputer 900 Total expenses 24,487 Net income $ 18,713

BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2015, and March 31, 2016 Mar. 31, 2016 Dec. 31, 2015 Assets Cash $ 82,907 $ 55,542 Accounts receivable 23,767 4,668 Inventory 674 0 Computer supplies 2,055 520 Prepaid insurance 1,050 1,575 Prepaid rent 825 825 Total current assets 111,278 63,130 Office equipment 7,400 7,400 Accumulated depreciationOffice equipment (760 ) (380 ) Computer equipment 19,500 19,500 Accumulated depreciationComputer equipment (2,340 ) (1,170 ) Total assets $ 135,078 $ 88,480 Liabilities and Equity Accounts payable $ 0 $ 1,110 Wages payable 905 510 Unearned computer service revenue 0 1,600 Total current liabilities 905 3,220 Equity Common stock 111,000 77,000 Retained earnings 23,173 8,260 Total liabilities and equity $ 135,078 $ 88,480

Required:

Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2016. Recall that the owner Santana Rey contributed $34,000 to the business in exchange for additional stock in the first quarter of 2016 and has received $3,800 in cash dividends. (Amounts to be deducted should be indicated with a minus s