oring Enabled: Chapters 14... three months ended March 31, 2020. Owner Santana Rey contributed $32,000 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.) 1 BUSINESS SOLUTIONS Statement of Cash Flows (Indirect) For Quarter Ended March 31, 2020 Cash flows from operating activities 152.06 Adjustments to reconcile net income to net cash provided by operating activities Cash flows from investing activities Net cash used in investing activities Cash flows from financing activities Cash balance at December 31, 2019 Cash balance at March 31, 2020 $24,907 18,493 43,400 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Computer services revenue Net sales Total revenue Cost of goods sold $14,752 Depreciation expense-Office equipment 330 Depreciation expense-Computer equipment 1,170 Wages expense 2,250 Insurance expense 525 Rent expense 1,675 Computer supplies expense 1, 265 Advertising expense 500 Mileage expense 270 Repairs expense-Computer 950 Total expenses Net income 23,687 $19,713 Dec. 31, 2019 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31, 2020 Mar. 31, 2020 Assets Cash $ 79,597 Accounts receivable 24,067 Inventory 694 Computer supplies 2,055 Prepaid Insurance 1,050 Prepaid rent 805 Total current assets 108,268 office equipment 7,700 Accumulated depreciation-office equipment (660) Computer equipment 19,500 Accumulated depreciation Computer equipment (2,340) Total assets $132,468 Liabilities and Equity Accounts payable $ 0 Wages payable 895 Unearned computer service revenue 0 Total current liabilities 895 Equity Common stock Retained earnings 108,000 23,573 Total liabilities and equity $132,468 $54,732 4,768 0 500 1, 605 805 62,410 7,700 (330) 19,500 (1,170) $88, 110 $ 1,170 580 2.500 4,250 76,000 2,860 $88, 110