Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data $ 24,707 18,393 43, 100 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 340 Depreciation expense-Computer equipment 1,230 Wages expense 2,350 Insurance expense 505 Rent expense 2,375 Computer supplies expense 1,245 Advertising expense 510 Mileage expense 290 Repairs expense-Computer 960 Total expenses Net income 24, 157 $ 18,943 Dec. 31, 2017 $ 55,522 5,468 0 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2017, and March 31, 2018 Mar. 31, 2018 Assets Cash $ 76,297 Accounts receivable 23,667 Inventory 684 Computer supplies 2,055 Prepaid insurance 1,030 Prepaid rent 815 Total current assets 104,548 office equipment 7,500 Accumulated depreciation-office equipment (680) Computer equipment 19,600 Accumulated depreciation-Computer equipment (2,460) Total assets $128,508 Liabilities and Equity Accounts payable 0 Wages payable Unearned computer service revenue Total current liabilities Equity Common stock 105,000 Retained earnings 22,603 Total liabilities and equity $128,508 490 1,645 815 63,940 7,500 (340) 19,600 (1,230) $ 89,470 $ 1,130 580 1,700 3,410 78,000 8,060 $ 89,470 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 $27,000 to the business in exchange for additional stock in the first quarter of 2018 and has received $4,400 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 $ 0