Question: Having some issues getting the solution to the problem below Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for

Having some issues getting the solution to the problem below

Having some issues getting the solution to the problem below Santana Rey,owner of Business Solutions, decides to prepare a statement of cash flows

Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. HJSINESS SDIJJTIDNS Income Statement For Three Months Ended March 31,. 2828 Computer services revenue $24,131I Net sales 12,293 Total revenue 42,588 Cost of goods sold $14,952 Depreciation expenseOffice equipment 398 Depreciation expenseComputer equipment 1,288 wages expense 2,?58 Insurance expense 495 Rent expense 2,2?5 Computer supplies expense 1,295 Advertising emense 598 Mileage expense 388 Repairs expensEComputer 368 Total expenses 25,13? Net income $12,393 HJSINESS SOLUTIONS Comparative Balance Sheets December 31, 2819, and March 31, 2828 Mar. 31J 2328 Dec. 31, 2619 Assets Cash 3 75,927 $55,?32 Accounts receivable 23,161' 5,563 Inventory 634 8 Computer supplies 2,355 548 Prepaid insurance 1,118 1,555 Prepaid rent 385 385 Total current assets 185,293 64,228 Office equipment 2,188 2,188 Accumulated depreciationOffice equipment (1'38) (398) Computer equipment 19,388 19,388 Accumulated depreciationComuter equipment (2,488) (1,288) Total assets $123,313 $39,338 Liabilities and Equity Accounts payable $ 8 $ 1,148 Wages payable 965 538 Unearned computer service revenue 8 2,288 Total current liabilities 965 3,928 EquityI Corrlnon stock 182,888 23,388 Retained earnings 23,353 3,468 Total liabilities and equityr $123,313 $39,338 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 $29,000 to the business in exchange for additional stock in the first quarter of 2020 and has received $4,000 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, 2020 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities S 0 Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities 0 S 0 Cash balance at December 31, 2019 Cash balance at March 31, 2020 0

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