SP $12$ Serial Problem Business Solutions $($Indirect$)($Algo$)$ LO P$2,$ P$3$Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data.BUSINESS SOLUTIONSIncome StatementFor Three Months Ended March $31,2022$Computer services revenue $ $24,507$Net sales $18,193$Total revenue $42,700$Cost of goods sold$ $14,152$ Depreciation expenseOffice equipment$310$ Depreciation expenseComputer equipment$1,230$ Wages expense$2,650$ Insurance expense$545$ Rent expense$2,475$ Computer supplies expense$1,305$ Advertising expense$580$ Mileage expense$290$ Repairs expenseComputer$890$ Total expenses $24,427$Net income $ $18,273$BUSINESS SOLUTIONSComparative Balance Sheets March $31,2022$December $31,2021$Assets Cash$ $81,177$$ $55,922$Accounts receivable$23,5674,868$Inventory$6840$Computer supplies$2,025570$Prepaid insurance$1,1001,595$Prepaid rent$725725$Total current assets$109,27863,680$Office equipment$7,8007,800$Accumulated depreciationOffice equipment$(620)(310)$Computer equipment$19,20019,200$Accumulated depreciationComputer equipment$(2,460)(1,230)$Total assets$ $133,198$$ $89,140$Liabilities and Equity Accounts payable$ $0$$ $1,130$Wages payable$965550$Unearned computer service revenue$02,200$Total current liabilities$9653,880$Equity Common stock$110,00077,000$Retained earnings$22,2338,260$Total liabilities and equity$ $133,198$$ $89,140$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 $$33,000$ to the business in exchange for additional stock in the first quarter of $2022$ and has received $$4,300$ in cash dividends.Note: Amounts to be deducted should be indicated with a minus sign. Prev Question $5$ of $6$ Total $5$ of $6$ Visit question mapNext McGraw Hill