Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. $25,207 18,693 43,900 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Computer services revenue Net sales Total revenue Cost of goods sold $14,352 Depreciation expense-Office equipment 350 Depreciation expense-Computer equipment 1,230 Wages expense 3, 150 Insurance expense 495 Rent expense 2,175 Computer supplies expense 1, 225 Advertising expense 530 Mileage expense 290 Repairs expense-Computer 890 Total expenses Net income ***** 24,687 $19, 213 Dec. 31, 2019 $54, 782 5,068 0 530 1,595 795 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Assets Cash $ 80,767 Accounts receivable 23, 867 Inventory 674 Computer supplies 2,035 Prepaid insurance 1,100 Prepaid rent 795 Total current assets 109, 238 Office equipment 7,200 Accumulated depreciation Office equipment (700) Computer equipment 19,500 Accumulated depreciation-Computer equipment (2,460) Total assets $132,778 Liabilities and Equity Accounts payable $ 0 Wages payable 905 Unearned computer service revenue 0 Total current liabilities 905 62,770 7,200 (350) 19,500 (1,230) $ 87,890 $ 1,140 590 2,500 4,230 Equity Common stock Retained earnings Total liabilities and equity 109,000 22,873 $132,778 76,000 7,660 $87,890 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 $4,000 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 Net income Adjustments to reconcile net income to net cash provided by operating activities $ 0 Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities 0 $ 0 Cash balance at December 31, 2019 Cash balance at March 31, 2020 $ 0