Serial Problem -12 Saved Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. 100 points $ 24,407 18,293 42,700 eBook BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Computer services revenue Net sales Total revenue Cost of goods sold $ 15,052 Depreciation expense-office equipment 340 Depreciation expense-Computer equipment 1,230 Wages expense 2,850 Insurance expense 545 Rent expense 1,575 Computer supplies expense 1,245 Advertising expense 530 Mileage expense 320 Repairs expense-Computer 930 Total expenses Net income Print 24,617 $ 18,083 References Dec. 31, 2019 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Assets Cash $ 80,687 Accounts receivable 24, 267 Inventory 684 Computer supplies 2,105 Prepaid insurance 1,030 Prepaid rent 765 Total current assets 109,538 Office equipment 7,700 Accumulated depreciation-office equipment (680) Computer equipment 19,300 Accumulated depreciation-Computer equipment (2,460) Total assets $133,398 Liabilities and Equity Accounts payable 0 Wages payable 955 Unearned computer service revenue 0 Total current liabilities Equity Common stock 111,000 Retained earnings 21.443 Total liabilities and equity $133, 398 $ 57,282 5,268 0 520 1,655 765 65,490 7,700 (340) 19,300 (1,230) $ 90, 920 $ 1,150 510 1,600 955 3,260 80,000 7,660 $ 90, 920 Required: Serial Problem - 12 A Saved Requireu: 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 $4,300 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.) 100 points BUSINESS SOLUTIONS Statement of Cash Flows (Indirect) For Quarter Ended March 31, 2020 Cash flows from operating activities eBook Adjustments to reconcile net income to net cash provided by operating activities Print References Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities Cash balance at December 31, 2019 Cash balance at March 31, 2020