SP 12 Serial Problem Business Solutions (Indirect) (Algo) 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 BUSINESS SOLUTIONS Income Statement Par Three Months Ended March 31, 2022 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 Het incone Total expenses $25,107 17,493 43,000 $14,152 300 1,190 2,450 505 1.575 1,285 BUSINESS SOLUTIONS Comparative Balance Sheets Assets Cash Accounts receivable. Inventory Computer supplies Prepaid insurance Prepaid rent Total current assets office equipment Accumulated 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 Required: 560 250 900 23,247 $19,753 March 31, December 31, 2022 2021 $79,987 $54,892 23,867 654 4,768 2,085 510 1,070 825 108,488 7,300 1,625 825 62,620 7,300 (760) (380) 19,600 19,600 (2,300) (1,190) $132,248 $87,950 $0 935 $1,120 570 2,200 935 3,850 108,000 23,313 $132,248 76,000 8,060 $87,950 Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2022. Owner Santana Rey contributed $32,000 to the business in exchange for additional stock in the first quarter of 2022 and has received $4500 in cash dividends (Amounts to be deducted should be indicated with a minus sign.) Required: Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2022. Owner Santana Rey contributed $32,000 to the business in exchange for additional stock in the first quarter of 2022 and has received $4,500 in cash dividends. (Amounts to be deducted should be indicated with a minus sign) BUSINESS SOLUTIONS Statement of Cash Flows direc For Quarter Ended March 31, 2022 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in suent assets and cument tables Cash Sows from investing acties Cash flows from Cash balance at Dec $ $ 21, 201 Cash balance at March 31, 2522