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, 2020 Computer services revenue $25,007 Net sales 18,393 Total revenue 43,400 Cost of goods sold $14,652 Depreciation expense-office equipment 370 Depreciation expense-Computer equipment 1,180 Wages expense 2,450 Insurance expense 545 Rent expense Advertising expense 2,175 Computer supplies expense 1,295 580 Mileage expense 250 Repairs expense-Computer 870 Total expenses Net income 24,367 $19,033 Assets Cash Accounts receivable BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Inventory Computer supplies Prepaid insurance Prepaid rent Total current assets office equipment Computer equipment Accumulated depreciation-office equipment Accumulated depreciation-Computer equipment Total assets Liabilities and Equity Accounts payable Wages payable Unearned computer service revenue Total current liabilities Equity Common stock Retained earnings Total liabilities and equity Mar. 31, 2020 Dec. 31, 2019 $ 78,127 24,067 $53,372 5,268 634 8 2,055 490 1,060 1,605 735 735 106,678 61,470 7,100 7,100 (740) (370) 19,400 19,400 (2,360) (1,180) $130,078 $86,420 $ $ 1,110 885 550 0 2,300 885 3,960 107,000 22,193 $130,078 75,000 7,460 $86,420 Required: Prepare a statement of cash flows for Business Solutions using the Indirect method for the three months ended March 31, 2020. Owner Santana Rey contributed $32,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4,300 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, 2020 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, 2019 Cash balance at March 31, 2020 S 0 0 S 0 S 0