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 $31,2022$

Computer services revenue $ $24,507$

Net sales $17,693$

Total revenue $42,200$

Cost of goods sold $ $14,552$

Depreciation expense$$Office equipment $340$

Depreciation expense$$Computer equipment $1,200$

Wages expense $3,250$

Insurance expense $525$

Rent expense $2,075$

Computer supplies expense $1,305$

Advertising expense $540$

Mileage expense $320$

Repairs expense$$Computer $870$

Total expenses $24,977$

Net income $ $17,223$

BUSINESS SOLUTIONS

Comparative Balance Sheets

March $31,2022$ December $31,2021$

Assets

Cash $ $70,367$ $ $50,522$

Accounts receivable $24,1675,568$

Inventory $6240$

Computer supplies $2,055530$

Prepaid insurance $1,0601,625$

Prepaid rent $785785$

Total current assets $99,05859,030$

Office equipment $7,9007,900$

Accumulated depreciation$$Office equipment $(680)(340)$

Computer equipment $19,80019,800$

Accumulated depreciation$$Computer equipment $(2,400)(1,200)$

Total assets $ $123,678$ $ $85,190$

Liabilities and Equity

Accounts payable $ $0$ $ $1,190$

Wages payable $895540$

Unearned computer service revenue $01,700$

Total current liabilities $8953,430$

Equity

Common stock $102,00074,000$

Retained earnings $20,7837,760$

Total liabilities and equity $ $123,678$ $ $85,190$

Required:

Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March $31,2022.$ Owner Santana Rey contributed $$28,000$ to the business in exchange for additional stock in the first quarter of $2022$ and has received $$4,200$ in cash dividends.

Note: Amounts to be deducted should be indicated with a minus sign.