Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. $ 24,907 18,493 43,400 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Computer services revenue Net sales Total revenue Cost of goods sold $14,652 Depreciation expense-Office equipment 360 Depreciation expense-Computer equipment 1,190 Wages expense 2,950 Insurance expense 515 Rent expense 2,275 Computer supplies expense 1,245 Advertising expense 590 Mileage expense 290 Repairs expense-Computer 900 Total expenses Net income 24,967 $18,433 Dec. 31, 2019 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Assets Cash $ 71,697 Accounts receivable 24,467 Inventory - 624 Computer supplies 2,105 Prepaid insurance 1,060 Prepaid rent 815 Total current assets 100, 768 office equipment 7,600 Accumulated depreciation office equipment (720) Computer equipment 19,900 Accumulated depreciationComputer equipment (2,380). Total assets $125,168 Liabilities and Equity Accounts payable $ 0 Wages payable 975 Unearned computer service revenue Total current liabilities 975 Equity Common stock 102,000 Retained earnings 22,193 Total liabilities and equity $125,168 $52,682 5,168 0 500 1,615 815 60,780 7,600 (360) 19,900 (1,190) $86,730 $ 1,160 510 2,400 4,070 75,000 7,660 $86,730 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 $27,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $3,900 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 Cash flows from investing activities Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities $ 18,433 Cash balance at December 31, 2019 Cash balance at March 31, 2020 $ 18,433