Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data $ 24,907 18,693 43.600 $14,352 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 1,210 2.450 455 1,275 1,245 520 23.627 $19,973 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Dec 31, 2019 Assets $59,862 5.068 $83,927 24,367 694 2,075 1.060 1.615 112.90 7.400 (730) Accounts receivable Inventory Computer supplies Prepaid Insurance Prepaid rent Total current assets Office equipment Accumulated depreciation office equipment Computer equipment Accumulated depreciation Computer equipment Total assets Libilities and Equity Accounts payable Wages payable Unearned computer service revenue Total current liabilities Equity Common stock Retained earnings Total liabilities and equity 57,900 7.400 (390) 19,400 (1,210) 593, 100 (2,420) $136, 508 $ 1,150 3,240 112.00 82,00 2 593.100 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 $30,000 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 brem e sting activities Nel cash used in investing activities Cash Bows bromancing activities Cash balance at December 31, 2019 Cash balance at March 31, 2020