SP 16 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 $ 25,007 18,193 43,200 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2022 Computer services revenue Net sales Total revenue Cost of goods sold 5 14,752 Depreciation expens office equipment 190 Depreciation expense-Computer equipment 1.160 was expense 2.750 Insurance expense 545 Rent expense 2,375 Computer supplies expense Advertising expense 570 Mileste expense 200 Repairs expense-computer Total expenses Net Income 1,295 25.027 5.1.1 BUSINESS SOLUTIONS Comparative stance Sheets arch Deceber 2011 Assets Caith Account Pacivable Inventory Computer topic prepard insurance 2.66 1. SO 2. BUSINESS SOLUTIONS Comparative Balance Sheets March 31, 2022 December 31 2022 Assets Cash 5 55,592 5,068 $ 88,337 24,467 654 2,005 1,060 795 109,318 7.2 (780) 19,500 (2,320 5132,918 Accounts receivable Inventory Computer supplies Prepaid insurance Prepaid rent Total current assets Office equipment Accumulated depreciation office equipment Computer equipment Accumulated depreciation-Computer equipent Total assets Liabilities and Equity Accounts payable Wages payable Unaarned computer service revenue Total current liabilities Equity Con stoc Retstod earnings Total atities and equity 540 1,595 795 63,590 7.200 (390) 29,500 $ 38,740 S 1.1 So 110.000 22.0 132.1 77.000 3.000 5.40 Required: Prepare statement of cash flows for Business Solutions using the namrect method for the three months ended March 31 2022 Owner Santana Rey contributed $33,000 to the business in exchange for additional stock in the first quarter of 2022 and has received $4.200 in cash dividends (Amounts to be deducted should be indicated with a minus sign.) Owner Santana Rey contributed $33,000 to the business in exchange for additional stock in the first quarter of 2022 and has received $4.200 in cash dividends. (Amounts to be deducted should be Indicated with a minus slgn.) BUSINESS SOLUTIONS Statement of Cash Flows (Indirect) For Quarter Ended March 31, 2022 Cash flows from operating activities Adjustments to reconcile net income to net cash prov ded by operating activities Income statement items not affecting cash Changes in current assets and current liabilities TITI Cash rows from investing active Nel caso in investigative Cash rows from arong cites Changes in current assets and current liabilities ces Cash flows from investing activities Net cashy used in investing activities Cash flows from financing activities Cash balance at December 31, 2021 Cash balance at March 31, 2022
