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 $31,2021$

Computer services revenue $ $25,107$

Net sales $17,893$

Total revenue $43,000$

Cost of goods sold $ $14,852$

Depreciation expense$$Office equipment $320$

Depreciation expense$$Computer equipment $1,220$

Wages expense $2,750$

Insurance expense $545$

Rent expense $1,475$

Computer supplies expense $1,295$

Advertising expense $540$

Mileage expense $240$

Repairs expense$$Computer $940$

Total expenses $24,177$

Net income $ $18,823$

BUSINESS SOLUTIONS

Comparative Balance Sheets

March $31,2021$ December $31,2020$

Assets

Cash $ $84,627$ $ $56,982$

Accounts receivable $23,6675,368$

Inventory $6940$

Computer supplies $2,015570$

Prepaid insurance $1,0201,615$

Prepaid rent $785785$

Total current assets $112,80865,320$

Office equipment $7,9007,900$

Accumulated depreciation$$Office equipment $(640)(320)$

Computer equipment $19,60019,600$

Accumulated depreciation$$Computer equipment $(2,440)(1,220)$

Total assets $ $137,228$ $ $91,280$

Liabilities and Equity

Accounts payable $ $0$ $ $1,180$

Wages payable $945540$

Unearned computer service revenue $01,700$

Total current liabilities $9453,420$

Equity

Common stock $114,00080,000$

Retained earnings $22,2837,860$

Total liabilities and equity $ $137,228$ $ $91,280$

Required:

Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March $31,2021.$ Owner Santana Rey contributed $$34,000$ to the business in exchange for additional stock in the first quarter of $2021$ and has received $$4,400$ in cash dividends.