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Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. BUSINESS SOLUTIONS
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 Net sales Total revenue 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 $ 14,252 320 1,250 2,450 515 1,575 $ 25,207 17,993 43,200 1,255 540 270 940 23,367 $ 19,833 BUSINESS SOLUTIONS Comparative Balance Sheets Cash Accounts receivable Inventory Computer supplies Prepaid insurance. Prepaid rent Total current assets office equipment Computer equipment Accumulated depreciation-office equipment Accumulated depreciation-Computer equipment March 31, December 31, 2022 2021 $ 73,637 23,867 704 $ 50,742 5,268 2,075 0 510 1,030 785 1,565 785 102,098 58,870 7,900 7,900 (640) (320) 19,300 19,300 (2.5001 (1.2501
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