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Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data $ 24,607 18,593

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Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data $ 24,607 18,593 43,200 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2022 Computer services revenue Net sales Total revenue Cost of goods sold $ 14,952 Depreciation expense-Office equipment 360 Depreciation expense-Computer equipment 1,210 Wages expense 2,450 Insurance expense 535 Rent expense. 2,375 Computer supplies expense 1,235 Advertising expense 590 Mileage expense 250 Repairs expense-Computer Total expenses Net Income - 910 24,867 $ 18,333 BUSINESS SOLUTIONS Comparative Balance Sheets March 31, 2022 December 31, 2021 $ 84,317 23,867 614 Assets Cash Accounts receivable Inventory Computer supplies Prepaid Insurance Prepaid rent Total current assets Office equipment Accumulated depreciation office equipment Computer equipment Accumulated depreciation-Conputer equipment Total assets Liabilities and Equity Accounts payable Wages payable Unearned computer service revenue Total current liabilities Equity Common stock 1,030 795 112,708 7,700 (720) 19,600 (2,420) $ 136,868 $ 56,792 5,468 0 550 1,595 795 65,200 7,700 (360) 19,600 (1,210) $ 90,930 $ 975 $ 1,170 600 2,300 4,070 975 114,000 79,000 Equity Common stock Retained earnings Total liabilities and equity 114,000 21,893 $ 136,868 79, eee 7,860 $ 90,930 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 $35,000 to the business in exchange for additional stock in the first quarter of 2022 and has received $4,300 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, 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 $ 0 Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities 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 $ 0 Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities 0 $ 0 Cash balance at December 31, 2021 Cash balance at March 31, 2022 $ 0

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