Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. $ 24,507 17,693 42,200 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 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 $14,352 340 1,200 2,550 in menco 24,237 $17,963 Dec. 31, 2019 $60,132 4,768 805 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Assets Cash $ 80,837 Accounts receivable 23,667 Inventory 684 Computer supplies 2,095 Prepaid insurance 1,030 Prepaid rent Total current assets 109,118 Office equipment 7,300 Accumulated depreciation-office equipment (680) Computer equipment 19,900 Accumulated depreciation-Computer equipment (2,400) Total assets $133,238 Liabilities and Equity Accounts payable Wages payable Unearned computer service revenue Total current liabilities Equity Common stock 111,000 Retained earnings 21,323 Total liabilities and equity $133,238 550 1,645 805 67,900 7,300 (340) 19,900 (1,200) $93,560 $ 1,160 540 1,700 3,400 82,000 8,160 $93,560 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 $29,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4,800 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 $ 0