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Santana Rey, owner of Business Solutions, decides...

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Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business. BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2012 Computer services revenue $ 25,007 Net sales 18,193 Total revenue 43,200 Cost of goods sold $ 14,552 Depreciation expense?Office equipment 310 Depreciation expense?Computer equipment 1,160 Wages expense 2,350 Insurance expense 485 Rent expense 1,975 Computer supplies expense 1,225 Advertising expense 530 Mileage expense 310 Repairs expense?Computer 880 Total expenses 23,777 Net income $ 19,423 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2011, and March 31, 2012 2012 2011 Assets Cash $ 78,017 $ 60,162 Accounts receivable 24,567 4,768 Merchandise inventory 674 0 Computer supplies 2,095 540 Prepaid insurance 1,060 1,575 Prepaid rent 755 755 Office equipment 7,700 7,700 Accumulated depreciation?Office equipment (620 ) (310 ) Computer equipment 19,800 19,800 Accumulated depreciation?Computer equipment (2,320 ) (1,160 ) Total assets $ 131,728 $ 93,830 Liabilities and Equity Accounts payable $ 0 $ 1,200 Wages payable 945 570 Unearned computer service revenue 0 1,700 Common stock 107,000 82,000 Retained earnings 23,783 8,360 Total liabilities and equity $ 131,728 $ 93,830 Required: Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2012. Recall that the owner Santana Rey contributed $25,000 to the business in exchange for additional stock in the first quarter of 2012 and has received $4,000 in cash dividends. (Amounts to be deducted should be indicated with a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) BUSINESS SOLUTIONS Statement of Cash Flows (Indirect) For Quarter Ended March 31, 2012 Cash flows from operating activities $ Adjustments to reconcile net income to net cash provided by operating activities Net cash operating activities $ Cash flows from investing activities Net cash flow from investing activities Cash flows from financing activities See document attached, the first part is done, but I can't solve the net cash issued for operating activities and the rest.

 

Paper#3570 | Written in 18-Jul-2015

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