Serial Problem Business Solutions (Indirect) LO P1, P2, P3 Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business. (Although the serial problem allowed for various ownersip changes in earlier chapters, we will prepare the statement of cash flows using the following financial data.) BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2016 Computer services revenue Net sales $25,307 18,693 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 44,000 $14,052 400 1,250 3,250 2,475 1,305 600 320 960 Total expenses 25,167 Net income $18,833 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2015, and March 31, 2016 Mar, 31, Dec. 31, 2016 2015 Assets Cash Accounts receivable Inventory Computer supplies Prepaid Insurance $ 68,057 $48,372 5,668 0 580 1,665 22,867 704 2,005 1,110