SP 12 Serial Problem Business Solutions (Indirect) (Algo) LO P2, P3 Santana Rey, owner of Business...

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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. BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2022 Computer services revenue $25,207 Net sales 18,193 Total revenue 43,400 Cost of goods sold $14,652 Depreciation expense-office equipment 390 Depreciation expense-Computer equipment 1,200 Wages expense 2,750 Insurance expense 455 Rent expense 1,775 Computer supplies expense 1,215 Advertising expense 590 Mileage expense 270 Repairs expense-Computer 900 Total expenses Net incone 24,197 $19,203 BUSINESS SOLUTIONS Comparative Balance Sheets March 31, 2022 December 31, 2021 Assets Cash $ 88,717 $ 60,442 Accounts receivable 23,967 5,168 Inventory 644 Computer supplies 2,075 Prepaid insurance 1,030. 500 1,665 Prepaid rent 805 805 Total current assets 117,238 68,580 Office equipment 7,300 7,300 Accumulated depreciation-Office equipment (780) (390) Computer equipment 19,100 19,100 Accumulated depreciation-Computer equipment (2,400) (1,200) Total assets $ 140,458 $ 93,390 Liabilities and Equity Accounts payable $0 $1,140 Wages payable 895 598 Unearned computer service revenue e 2,000 Total current liabilities 895 3,730 Equity Common stock 117,000 82,000 Retained earnings 22,563 7,660 Total liabilities and equity $ 140,458 $ 93,390 Required: Prepare a statement of cash flows for Business Solutions using the indirect method for the three month 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 < Prev 5 of 5 Next > 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. BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2022 Computer services revenue $25,207 Net sales 18,193 Total revenue 43,400 Cost of goods sold $14,652 Depreciation expense-office equipment 390 Depreciation expense-Computer equipment 1,200 Wages expense 2,750 Insurance expense 455 Rent expense 1,775 Computer supplies expense 1,215 Advertising expense 590 Mileage expense 270 Repairs expense-Computer 900 Total expenses Net incone 24,197 $19,203 BUSINESS SOLUTIONS Comparative Balance Sheets March 31, 2022 December 31, 2021 Assets Cash $ 88,717 $ 60,442 Accounts receivable 23,967 5,168 Inventory 644 Computer supplies 2,075 Prepaid insurance 1,030. 500 1,665 Prepaid rent 805 805 Total current assets 117,238 68,580 Office equipment 7,300 7,300 Accumulated depreciation-Office equipment (780) (390) Computer equipment 19,100 19,100 Accumulated depreciation-Computer equipment (2,400) (1,200) Total assets $ 140,458 $ 93,390 Liabilities and Equity Accounts payable $0 $1,140 Wages payable 895 598 Unearned computer service revenue e 2,000 Total current liabilities 895 3,730 Equity Common stock 117,000 82,000 Retained earnings 22,563 7,660 Total liabilities and equity $ 140,458 $ 93,390 Required: Prepare a statement of cash flows for Business Solutions using the indirect method for the three month 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 < Prev 5 of 5 Next >