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, 393 43,000 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2018 Computer services revenue Net sales Total revenue Cost of goods sold $14,352 Depreciation expense-office equipment Depreciation expense-Computer equipment 1,250 Wages expense 2,550 Insurance expense 535 Rent expense 2,375 Computer supplies expense 1,225 Advertising expense 540 Mileage expense 220 Repairs expense-Computer 920 Total expenses Net income 24,347 $18,653 Dec. 31, 2017 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2017, and March 31, 2018 Mar. 31, 2018 Assets Cash $ 74,957 Accounts receivable 24,067 Inventory 684 Computer supplies 2,035 Prepaid insurance 1,060 Prepaid rent 795 Total current assets 103,598 Office equipment 7,500 Accumulated depreciation office equipment (760) Computer equipment 19,700 Accumulated depreciation-Computer equipment (2,500) Total assets $127,538 Liabilities and Equity Accounts payable $ 0 Wages payable 925 Unearned computer service revenue 0 Total current liabilities 925 Equity Common stock 105,000 Retained earnings 21,613 Total liabilities and equity $127,538 $54,092 5,468 0 500 1,575 795 62,430 7,500 (380) 19,700 (1,250) $88,000 $ 1,170 570 1,600 3,340 77,000 7,660 $ 88,000 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 $4,700 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.) 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 $4,700 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 Net income 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 $ Cash balance at December 31, 2017 Cash balance at March 31, 2018 S 0