Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. $25,007 18,393 43,400 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 $14,552 340 1,230 3,250 535 1,475 1,295 530 290 950 24,447 $18,953 Dec. 31, 2019 $55,762 5,368 580 805 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Assets Cash $ 83,037 Accounts receivable 24,267 Inventory 634 Computer supplies 2,035 Prepaid insurance 1,010 Prepaid rent Total current assets 111,788 Office equipment 7,700 Accumulated depreciation-Office equipment (680) Computer equipment 19,500 Accumulated depreciation-Computer equipment (2,460) Total assets $135,848 Liabilities and Equity Accounts payable Wages payable 935 Unearned computer service revenue Total current liabilities 935 Equity Common stock 112,000 Retained earnings 22,913 Total liabilities and equity $135,848 1,565 805 64,080 7,700 (340) 19,500 (1,230) $89,710 $ 1,140 510 1,900 3,550 78,000 8,160 $89,710 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 $34,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4,200 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