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Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. BUSINESS SOLUTIONS Income

Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data.

BUSINESS SOLUTIONS
Income Statement
For Three Months Ended March 31, 2020
Computer services revenue $ 24,307
Net sales 18,593
Total revenue 42,900
Cost of goods sold $ 14,652
Depreciation expenseOffice equipment 400
Depreciation expenseComputer equipment 1,240
Wages expense 3,150
Insurance expense 535
Rent expense 1,875
Computer supplies expense 1,255
Advertising expense 580
Mileage expense 300
Repairs expenseComputer 870
Total expenses 24,857
Net income $ 18,043

BUSINESS SOLUTIONS
Comparative Balance Sheets
December 31, 2019, and March 31, 2020
Mar. 31, 2020 Dec. 31, 2019
Assets
Cash $ 83,357 $ 58,322
Accounts receivable 23,567 5,068
Inventory 654 0
Computer supplies 2,045 550
Prepaid insurance 1,020 1,585
Prepaid rent 815 815
Total current assets 111,458 66,340
Office equipment 7,300 7,300
Accumulated depreciationOffice equipment (800 ) (400 )
Computer equipment 19,600 19,600
Accumulated depreciationComputer equipment (2,480 ) (1,240 )
Total assets $ 135,078 $ 91,600
Liabilities and Equity
Accounts payable $ 0 $ 1,160
Wages payable 975 580
Unearned computer service revenue 0 1,700
Total current liabilities 975 3,440
Equity
Common stock 112,000 80,000
Retained earnings 22,103 8,160
Total liabilities and equity $ 135,078 $ 91,600

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 $32,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4,100 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.)

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