Santana Rey, owner of Business Solutions, decides to prepare a st

Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business. (Although the serial problem allowed for various ownership changes in earlier chapters, we will prepare the statement of cash flows using the following financial data.)    BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2016   Computer services revenue       $ 25,107     Net sales         18,493             Total revenue         43,600     Cost of goods sold $ 14,152         Depreciation expense—Office equipment   400         Depreciation expense—Computer equipment   1,180         Wages expense   2,550         Insurance expense   465         Rent expense   2,175         Computer supplies expense   1,275         Advertising expense   520         Mileage expense   230         Repairs expense—Computer   940                 Total expenses         23,887             Net income       $ 19,713             BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2015, and March 31, 2016   Mar. 31, 2016   Dec. 31, 2015   Assets                 Cash $ 83,397     $ 58,952     Accounts receivable   24,467       5,368     Inventory   674       0     Computer supplies   2,035       520     Prepaid insurance   1,040       1,665     Prepaid rent   775       775         Total current assets   112,388       67,280     Office equipment   7,200       7,200     Accumulated depreciation—Office equipment   (800 )     (400 )   Computer equipment   19,900       19,900     Accumulated depreciation—Computer equipment   (2,360 )     (1,180 )       Total assets $ 136,328     $ 92,800         Liabilities and Equity                 Accounts payable $ 0     $ 1,180     Wages payable   955       560     Unearned computer service revenue   0       1,800         Total current liabilities   955       3,540     Equity                 Common stock   112,000       81,000     Retained earnings   23,373       8,260         Total liabilities and equity $ 136,328     $ 92,800          Required: Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2016. Recall that the owner Santana Rey contributed $31,000 to the business in exchange for additional stock in the first quarter of 2016 and has received $4,600 in cash dividends. (Amounts to be deducted should be indicated with a minus sign.)   References eBook & Resources WorksheetLearning Objective: 12-P1 Prepare a statement of cash flows.Learning Objective: 12-P3 Determine cash flows from both investing and financing activities. Difficulty: 3 HardLearning Objective: 12

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