You Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her bu data, 524,607 18,893 42,780 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, 152 360 1,230 2,750 535 2, 075 1,295 698 310 870 24, 177 $18,523 Dec 31, 2019 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2820 Mar 31, 2020 Assets Cash $ 73, 767 Accounts receivable 24,567 Inventory 614 Computer supplies 2,055 Prepaid insurance 1,060 Prepaid rent 755 Total current assets 192,818 Office equipment 7,900 Accumulated depreciation office equipment (720) Computer equipment 19,800 Accumulated depreciation-Computer equipment (2460) Total assets $126,538 Liabilities and Equity Accounts payable $ e Wages payable 955 Unearned computer service revenue @ Total current liabilities 955 Equity Common stock 183,000 Retained earnings 22,583 Total liabilities and equity $126,538 $56,582 5,468 B 496 1,635 755 64,930 7,900 (360) 19,000 (1 230) $90, 240 $ 1,180 600 2.300 4,080 78, ece 8. 160 $90,240 Required: question in the previo retained earnings Total liabilities and equity 2210 5125,538 $90,24 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 $25,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4.100 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.) Book BUSINESS SOLUTIONS Statement of Cash Flows (indirect) For Quarter Ended March 31, 2020 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating actives sont erences Cash flows from investing activities Net cash used in investing activities Cashows from financing activities Cash balance at December 31, 2019 Cash balance of March 31, 2020 D 211 I!! Nox