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, 2022 Computer services revenue $ 24,907 Net sales 17,793 Total revenue 42,700 Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Repairs expense-Computer Total expenses Net income Assets Cash Accounts receivable Inventory Computer supplies Prepaid insurance Prepaid rent Total current assets $ 14,552 350 1,100 3,150 545 1,475 1,265 510 310 870 24,207 $ 18,493 BUSINESS SOLUTIONS Comparative Balance Sheets March 31, 2022 December 31, 2021 $ 70,787 24,167 $ 53,532 5,368 674 0 2,085 490 1,040 1,615 805 805 185,558 61,810 7,000 7,000 (700) (350) office equipment Accumulated depreciation-office equipment Computer 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 Required: 20,000 (2,360) $ 129,498 $ 0 945 2 945 28,000 (1,100) $ 87,280 $ 1,140 500 1,700 3,420 70,000 107,000 21,553 7,500 $ 129,498 $ 87,280 Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2022. Owner Santana Rey contributed $31,000 to the business in exchange for additional stock in the first quarter of 2022 and has received $4,800 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities BUSINESS SOLUTIONS Statement of Cash Flows (Indirect) For Quarter Ended March 31, 2022 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current assets and current liabilities Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities Cash balance at December 31, 2021 Cash balance at March 31, 2022