Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. $25,307 17,893 43,200 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 $14,652 400 1,220 2.450 545 1,975 1,215 550 290 930 24,227 $18,973 Dec. 31, 2019 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Assets Cash $ 82,857 Accounts receivable 23,667 Inventory 614 Computer supplies 2,065 Prepaid insurance 1,060 Prepaid rent 775 Total current assets 111,038 Office equipment 7,400 Accumulated depreciation-office equipment (800) Computer equipment 19,900 Accumulated depreciation-Computer equipment (2,440) Total assets $135,098 Liabilities and Equity Accounts payable Wages payable 965 Unearned computer service revenue Total current liabilities 965 Equity Common stock 111,000 Retained earnings 23,133 Total liabilities and equity $135,098 $59,102 4,768 e 490 1,585 775 66,720 7,400 (480) 19,900 (1,220) $92,400 $ 1,140 500 1,700 3,340 81 ,??? 8,060 $92,400 View 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 $30,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $3,900 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.) BUSINESS SOLUTIONS Statement of Cash Flows (Indirect) For Quarter Ended March 31, 2020 Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Depreciation expense-Office equipment Depreciation expense-Computer equipment Increase in accounts receivable Increase in inventory Decrease in prepard insurance Decrease in accounts payable Increase in wages payable Decrease in uncanned computer service revenue Cash flows from investing activities 1.000