Business, 21.02.2021 23:50 yvettegonzalez3390yg
ACCOUNTING:
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, 2020
Computer services revenue $ 25,207
Net sales 18,693
Total revenue 43,900
Cost of goods sold $ 14,152
Depreciation expense—Office equipment 330
Depreciation expense—Computer equipment 1,220
Wages expense 3,050
Insurance expense 485
Rent expense 1,475
Computer supplies expense 1,285
Advertising expense 550
Mileage expense 270
Repairs expense—Computer 900
Total expenses 23,717
Net income $ 20,183
BUSINESS SOLUTIONS
Comparative Balance Sheets
December 31, 2019, and March 31, 2020
Mar. 31, 2020 Dec. 31, 2019
Assets
Cash $80,327 $61,482
Accounts receivable 23,767 4,868
Inventory 634 0
Computer supplies 2,035 510
Prepaid insurance 1,080 1,575
Prepaid rent 805 805
Total current assets 108,648 69,240
Office equipment 7,500 7,500
Accumulated depreciation—Office equipment (660) (330)
Computer equipment 19,400 19,400
Accumulated depreciation—Computer equipment (2,440) (1,220)
Total assets $132,448 $94,590
Liabilities and Equity
Accounts payable $0 $1,190
Wages payable 905 540
Unearned computer service revenue 0 2,500
Total current liabilities 905 4,230
Equity
Common stock 107,000 82,000
Retained earnings 24,543 8,360
Total liabilities and equity $132,448 $94,590
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 $25,000 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.)
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