Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data, $ 24,307 18,493 42,800 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2018 Computer services revenue Net sales Total revenue Cost of goods sold $14,152 Depreciation expense-Office equipment 300 Depreciation expense-Computer equipment 1.170 Wages expense 2,850 Insurance expense 525 Rent expense 2,075 Computer supplies expense 1,285 Advertising expense 500 Mileage expense 93e Repairs expense-Computer Total expenses Net income 280 24,167 $18,633 Dec. 31, 2017 560,092 5,368 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2017, and March 31, 2018 Mar. 31, 2018 Assets Cash $ 78,827 Accounts receivable 24,467 Inventory 654 Computer supplies 2,845 Prepaid insurance 1,090 Prepaid rent 765 Total current assets 107,648 Office equipment 8.ee Accumulated depreciation office equipment (600) Computer equipment 19,50 Accumulated depreciation Computer equipment (2340) Total assets $132,400 540 1,665 765 68,430 8.000 (300) 19,500 (1,170) 594,460 wwwwwwww Advertising expense Mileage expense Repairs expense Computer Total expenses Net income 600 280 938 24,167 $18,633 Dec. 31, 2017 $60,092 5,368 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2017, and March 31, 2018 Mar. 31, 2018 Assets Cash $ 78,827 Accounts receivable 24,467 Inventory 654 Computer supplies 2,045 Prepaid insurance 1,090 Prepaid rent 765 Total current assets 107,848 office equipment 8,000 Accumulated depreciation office equipment (680) Computer equipment 19,500 Accumulated depreciation-Computer equipment (2.340) Total assets $132,408 Liabilities and Equity Accounts payable Wages payable Unearned computer service revenue Total current liabilities 915 Equity Common stock 119,00 Retained earnings 21,493 Total liabilities and equity $132.408 540 1,665 765 68,430 8,000 (300) 19,5ee (1.170) $94,460 915 $ 1,150 550 2,200 3,900 83,000 7,560 $94,460 Required: Prepare a statement of cash flows for Business Solutions using the Indirect method for the three months onded March 31, 2018. Owner Santana Rey contributed $27,000 to the business in exchange for additional stock in the first quarter of 2018 and has received $4,700 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, 2018 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, 2017 Cash balance at March 31, 2018