Chapter 12 Homework 7 1.82 points Saved Help Save & Exit Submit Check my work 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 $24.707 Net sales 18,093 Book Total revenue 42,800 Cost of goods sold 14,952 Pr Depreciation expense-office equipment 350 Depreciation expense-Computer equipment 1,170 References 2,950 Insurance expense 485 1,975 Rent expense Computer supplies expense 1,295 Advertising expense 520 240 Mileage expense Repairs expense-Computer 880 Total expe 24,817 $17,983 Net incone Assets Cash Accounts receivable Inventory Computer suppliee Prepaid insurance Prepaid rent BUSINESS SOLUTIONS Comparative Balance Sheets March 31, December 31, 2022 $76.757 2021 5.57.302 24,167 6441 4,968 2,065 0 560 1,0301 775 1,625 775 AM nework 1.82 7 points Advertising expense Mileage expense Repairs expense-Computer Total expenses Net income BUSINESS SOLUTIONS Saved Comparative Balance Sheets eBook Print Assets Cash Accounts receivable References Inventory Computer supplies Prepaid insurance Prepaid rent Total current assets office equipment, Computer equipment Accumulated depreciation-office equipment Accumulated depreciation-Computer equipment Total assets Liabilities and Equity Accounts payable Wages payable Unearned computer service revenue Total current liabilities Mc Equity Common stock Retained earnings Total liabilities and equity 520 240 880 24,817 $ 17,983 March 31, December 31, 2022 2021 5 76,757 24,167 644 $57,302 4,968 0 2,065 1,030 560 1,625 775 775 105,438 65,230 7,400 (700) 19,600 (2,340) $129,398 7,400 (350) 19,600 (1,170) $ 90,710 $0 $1,190 955 560 0 1,600 955 3,350 107,000 21,443 80,000 7,360 $129,398 $90,710 Help Save & Exit Submi Check my work 1821 7 points ellook Print Retained earnings Total liabilities and equity Required: 21,443 $129,398 7,360 $90,710 Help Save & Exit Submit Check my work 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 $27,000 to the business in exchange for additional stock in the first quarter of 2022 and has received $3,900 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 References 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 Chapter 12 Homework i 7 182 points Changes in current assets and current liabilities Book Print References Mc (Graw Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities Cash balance at December 31, 2021 Cash balance at March 31, 2022 Saved Help