Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business. (Although the serial problem allowed for various ownership changes in earlier chapters, we will prepare the statement of cash flows using the following financial data.)

BUSINESS SOLUTIONS
Income Statement
For Three Months Ended March 31, 2016
Computer services revenue				$	24,507
Net sales					18,693
Total revenue					43,200
Cost of goods sold	$	14,452
Depreciation expenseOffice equipment		330
Depreciation expenseComputer equipment		1,160
Wages expense		2,850
Insurance expense		465
Rent expense		1,575
Computer supplies expense		1,245
Advertising expense		520
Mileage expense		260
Repairs expenseComputer		950
Total expenses					23,807
Net income				$	19,393

BUSINESS SOLUTIONS
Comparative Balance Sheets
December 31, 2015, and March 31, 2016
	Mar. 31, 2016				Dec. 31, 2015
Assets
Cash	$	76,537			$	51,662
Accounts receivable		24,367				5,168
Inventory		694				0
Computer supplies		2,055				530
Prepaid insurance		1,030				1,585
Prepaid rent		815				815
Total current assets		105,498				59,760
Office equipment		7,200				7,200
Accumulated depreciationOffice equipment		(660	)			(330	)
Computer equipment		19,300				19,300
Accumulated depreciationComputer equipment		(2,320	)			(1,160	)
Total assets	$	129,018			$	84,770
Liabilities and Equity
Accounts payable	$	0			$	1,150
Wages payable		965				560
Unearned computer service revenue		0				1,600
Total current liabilities		965				3,310
Equity
Common stock		106,000				74,000
Retained earnings		22,053				7,460
Total liabilities and equity	$	129,018			$	84,770

Required:

Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2016. Recall that the owner Santana Rey contributed $32,000 to the business in exchange for additional stock in the first quarter of 2016 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, 2016
Cash flows from operating activities
Adjustments to reconcile net income to net cash provided by operating activities
		$0
Cash flows from investing activities
Net cash used in investing activities		0
Cash flows from financing activities
		0
		$0
Cash balance at December 31, 2015
Cash balance at March 31, 2016		$0