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. $ 24,507 18,393 42,900 BUSINESS SOLUTIONS Income Statement Tor Three Monthn Ended March 31, 2022 Computer services revenue Net salen Total revenge Cost of goods sold $ 14,252 Depreciation expense-office equipment 360 Depreciation expense-Computer equipment 1,240 Wages expense 3,250 Insurance expense 475 Rent expense 2,175 Computer supplies expense Advertising expense 570 Kileage expenne 240 960 Repair expense-Computer Total expendo Net Income 1.255 24,227 $ 10,123 BUSINESS SOLUTIONS Comparative Balance sheets March 31, 2022 December 31, 2021 Assets Cash Accounts receivable Inventory Computer supplies Prepaid insurance Prepaid rent $ 79,117 24,467 624 2,025 1,110 765 $ 53,692 4.868 0 480 1.645 965 Saved Help Save & Exit Submit Net income $ 18,123 BUSINESS SOLUTIONS Comparativa Dalance sheets March 31 December 31, 2021 2022 Assets Canh 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 ansats Liabilities and Equity Accounts payable Wagen payable Unearned computer service revenue Total current liabilities Equity Common stock Retained onning Total liabilities and equity $ 79,117 24,667 624 2,025 1, 110 765 108, 108 7,300 (720) 19,300 (2.480) $ 131,500 9 53,692 4,868 0 480 1.645 265 61,450 7,300 (360) 19,300 (1 240) $ 86,450 $0 925 0 925 $ 1/110 580 1,200 3,390 109,000 21,583 $ 131,500 75,000 8.060 $ 86,450 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 $34,000 to the business in exchange for additional stock in the first quarter of 2022 and has received $4,600 In cash dividends. (Amounts to be deducted should be indicated with a minus sign.) BUSINESS SOLUTIONS Statement of Cash Flows (Indirect) De 2 of 6 B Next > 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 $34,000 to the business in exchange for additional stock in the first quarter of 2022 and has received $4,600 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.) BUSINESS SOLUTIONS Statement of Cash Flowe (Indirect 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 current assets and current liabilities $ Cash flows from Investing activities Prey 2 of 6 Next > Changes in current assets and current liabilities Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities Cash balance at December 31, 2021 Cash balance at March 31, 2022 0