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Problem - 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
$25,107
Net sales
18,093
Total revenue
43,200
Cost of goods sold
$14,952
Depreciation expense-Office equipment
360
Depreciation expense-Computer equipment
1,160
Wages expense
3,250
Insurance expense
525
Rent expense
2,275
Computer supplies expense
1,245
Advertising expense
560
Mileage expense
310
Repairs expense-Computer
920
Total expenses
25,557
Net income
17,643
BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2011, and March 31, 2012
2012
2011
Assets
Cash
$78,657
$52,442
Accounts receivable
24,567
5,468
Merchandise inventory
604
0
Computer supplies
2,065
500
Prepaid insurance
1,020
1,635
Prepaid rent
815
Office equipment
7,900
Accumulated depreciation-Office equipment
(720)
(360)
Computer equipment
19,000
Accumulated depreciation-Computer equipment
(2,320)
(1,160)
Total assets
$131,588
$86,240
Liabilities and Equity
Accounts payable
$0
$1,150
Wages payable
885
530
Unearned computer service revenue
1,800
Common stock
110,000
75,000
Retained earnings
20,703
7,760
Total liabilities and equity
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 $35,000 to the business in exchange for additional stock in the first quarter of 2012 and has received $4,700 in cash dividends.
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