Saved Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. $25,207 18,093 43,300 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Computer services revenue Net sales Total revenue Cont of goods sold $14,552 Depreciation expense-office equipment 330 Depreciation expense-Computer equipment 1,200 Wages expense 2,850 Insurance expense 495 Rent expense 2,175 Computer supplies expense 1.305 Advertising expense Mileage expense 310 BB0 Repairs expense-Computer Total expenses Net income 560 24,657 $18,643 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Dec. 31, 2019 $51,912 4.968 $ 75,237 23, 667 624 2,095 1,030 Accounts receivable Inventory Computer supplies Prepaid insurance Prepaid rent Total current assets office equipment Accunulated depreciation-office equipment Computer equipment Accumulated depreciation-Computer equipment Total assets Liabilities and Equity Accounts payable Wages payable Unearned computer service revenue Total current liabilities Equity Common stock Retained earnings Total liabilities and equity 103,418 7.900 (6601 20,000 (2,400) $128,258 540 1,655 765 59,840 7.900 (330) 20,000 (1,200) $86,210 $ 1,150 500 2,300 2.950 955 105,000 22,303 $128, 258 74,000 8.260 $86,210 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 $31,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4,600 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.) Project Help Save 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 $31,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4,600 in cash dividends. (Amounts to be deducted should be indicated with a minus sign) 55 points 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 from investing activities Net cash used in investing activities Cash flows from financing activities 30 Cash balance at December 31, 2019 Cash balance at March 31, 2020