Serial Problem Business Solutions (Indirect) LO P2, P3 Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. $ 24,607 18,193 42,800 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Computer services revenue Net sales 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 Total expenses Net income $14,252 300 1,240 2,950 485 1,475 1,285 550 230 880 23,647 $19,153 Dec. 31, 2019 $55,372 5,268 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Assets Cash $ 79,177 Accounts receivable 23,667 Inventory 674 Computer supplies 2,015 Prepaid insurance 1,070 Prepaid rent 825 Total current assets 107,428 Office equipment 7,800 Accumulated depreciation-office equipment (600) Computer equipment 19,400 Accumulated depreciation-Computer equipment (2,480) Total assets $ 131,548 Liabilities and Equity Accounts payable $ Wages payable 935 Unearned computer service revenue Total current liabilities 935 Equity Common stock 108,000 Retained earnings 22,613 Total liabilities and equity $131,548 570 1,575 825 63,610 7,800 (300) 19,400 (1,240) $89, 270 $ 1,130 580 2,400 4,110 77,000 8,160 $89,270 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 $4,700 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.)