Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. ed $25,307 17,793 43,100 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Computer services revenue Net sales Total revenue Cost of goods sold $14,652 Depreciation expense-Office equipment 300 Depreciation expense-Computer equipment 1,170 Wages expense 2,550 Insurance expense 495 Rent expense 2,175 Computer supplies expense 1,295 Advertising expense Mileage expense 290 Repairs expense-Computer 910 Total expenses Net income ok 55e int 24,387 $18,713 ences BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Dec 31, 2018 Assets Cash $ 78,627 $53,832 Accounts receivable 24, 167 5,268 Inventory 644 @ Computer supplies 2,845 52a Prepaid insurance 1,020 1,645 Prepaid rent 755 Total current assets 107,258 62.020 office equipment 7.400 7,400 Accumulated depreciation office equipment (680) (300) Computer equipment 19,300 19,300 Accumulated depreciation-Computer equipment (2340) (1,170) Total assets $131,018 387.250 Liabilities and Equity Apuntenhle 755 Prov 1 of 1 H Next Seved Help Si 1 100 points Skipped BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Assets Mar. 31, 2820 Dec. 31, 2019 Cash Accounts receivable $ 78,627 $53,832 Inventory 24, 167 5,268 Computer supplies 644 @ Prepaid insurance 2,045 52e 1,020 1,645 Prepaid rent 755 Total current assets 755 Office equipment 107,258 62,820 Accumulated depreciation office equipment 7,400 7,480 (680) (300) Computer equipment 19,380 19,38e Accumulated depreciation-Computer equipment (2 340) 1,170) Total assets $131,018 $87,250 Liabilities and Equity Accounts payable $ 1,180 Wages payable 945 510 Unearned computer service revenue 1,800 Total current liabilities 945 3,490 Equity Connon stock 108,000 76,000 Retained earnings 22,073 7.760 Total Liabilities and equity $131, 018 $87.250 eBook Print References 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 $4,400 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 Mc Graw HIT Prev 1 of 1 !!! Next Welcome Nain View i Assignment ACC 2010 0. Ostion 1 - Serial Proble oztomheducation.com Mal-Jacob Oley Stude Morsom Serial Problem -12 Saved He 1 1 BUSINESS SOLUTIONS Statement of Cash Flows (Indirect) For Quarter Ended March 31, 2020 Cash flows from operating activities 100 points Skipped Adjustments to reconcile net income to net cash provided by operating activities eBook Print References Cash flow from investing activities Net cash used in investing activities Cash flows from financing activities Casti balance at December 31, 2019 Cash balance at March 31, 2020 Mc GROW Prev 1 of 1 Next