Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. $25,007 17,793 42,800 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Computer services revenue Net sales Total revenue Cost of goods sold $14,452 Depreciation expense-office equipment 370 Depreciation expense-Computer equipment 1,170 Wages expense 2,450 Insurance expense 465 Rent expense 2,375 Computer supplies expense 1,235 Advertising expense 590 Mileage expense 290 Repairs expense-Computer 860 Total expenses Net income 24, 257 $18,543 Dec. 31, 2019 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Assets Cash $ 76,147 Accounts receivable 24, 267 Inventory 674 Computer supplies 2,075 Prepaid insurance 1,080 Prepaid rent 755 Total current assets 104,998 office equipment 7,700 Accumulated depreciation-office equipment (740) Computer equipment 19,500 Accumulated depreciation-Computer equipment (2,340) Total assets $ 129, 118 Liabilities and Equity Accounts payable $ 0 Wages payable 915 Unearned computer service revenue 0 Total current liabilities 915 Equity Common stock 106,000 Retained earnings 22,203 Total liabilities and equity $129,118 $55,812 5,368 0 500 1,635 755 64,070 7,700 (370) 19,500 (1,170) $89,730 $ 1,110 560 1,900 3,570 78,000 8,160 $89,730 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