Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. $25,107 18,293 43,400 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Computer services revenue Net sales Total revenue Cost of goods sold $14,752 Depreciation expense-office equipment 360 Depreciation expense-Computer equipment 1,200 Wages expense Insurance expense 455 Rent expense 1,775 Computer supplies expense 1.245 Advertising expense 540 Mileage expense 280 930 Repairs expense-Computer Total expenses Net income 3,250 24,787 $18,613 Dec. 31, 2019 $59,612 4,868 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Assets Cash $ 84,377 Accounts receivable 24,167 Inventory 694 Computer supplies 2,025 Prepaid insurance 1,030 Prepaid rent 735 Total current assets 113,028 Office equipment 7.100 Accumulated depreciation-office equipment (720) Computer equipment 19,100 Accumulated depreciation-Computer equipment (2,400) Total assets $136, 108 Liabilities and Equity Accounts payable $ 0 Wages payable 935 Unearned computer service revenue 0 Total current liabilities 935 Equity Common stock 113,000 Retained earnings 22.173 Total liabilities and equity $136, 108 0 520 1,615 735 67,350 7,100 (360) 19,100 (1,200) $91,990 $ 1,120 510 2,200 3,830 80,000 8.160 $91,990 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 $33,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4,600 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