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antana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial ata. BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2022 Computer services revenue $ 24,507 18,593 Net sales Total revenue Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Repairs expense-Computer Total expenses Net income Assets Cash Accounts receivable Inventory Computer supplies Prepaid insurance Prepaid rent $ 14,352 330 1,250 3,150 535 1,475 1,225 550 250 960 BUSINESS SOLUTIONS Comparative Balance Sheets Total current assets Office equipment Accumulated depreciation-Office equipment Computer equipment Accumulated depreciation-Computer equipment Total assets Liabilities and Equity Accounts payable Wages payable Unearned computer service revenue Total current liabilities Equity Common stock Retained earnings Total liabilities and equity "equired: 43,100 24,077 $ 19,023 March 31, December 31, 2022 2021 $ 82,707 23,567 $ 57,132 5,168 694 0 2,015 510 1,030 1,585 795 795 110,808 65,190 7,400 7,400 (660) (330) 19,300 (2,500) 19,300 (1,250) $ 134,348 $ 0 965 0 965 $ 90,310 $ 1,180 570 2,000 3,750 111,000 22,383 79,000 7,560 $ 134,348 $ 90,310 repare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2022. Owner Santana Rey contributed $32,000 to the business in exchange for additional stock in the first quarter of 2022 and has received 4,200 in cash dividends.

antana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial ata. BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2022 Computer services revenue $ 24,507 18,593 Net sales Total revenue Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Repairs expense-Computer Total expenses Net income Assets Cash Accounts receivable Inventory Computer supplies Prepaid insurance Prepaid rent $ 14,352 330 1,250 3,150 535 1,475 1,225 550 250 960 BUSINESS SOLUTIONS Comparative Balance Sheets Total current assets Office equipment Accumulated depreciation-Office equipment Computer equipment Accumulated depreciation-Computer equipment Total assets Liabilities and Equity Accounts payable Wages payable Unearned computer service revenue Total current liabilities Equity Common stock Retained earnings Total liabilities and equity "equired: 43,100 24,077 $ 19,023 March 31, December 31, 2022 2021 $ 82,707 23,567 $ 57,132 5,168 694 0 2,015 510 1,030 1,585 795 795 110,808 65,190 7,400 7,400 (660) (330) 19,300 (2,500) 19,300 (1,250) $ 134,348 $ 0 965 0 965 $ 90,310 $ 1,180 570 2,000 3,750 111,000 22,383 79,000 7,560 $ 134,348 $ 90,310 repare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2022. Owner Santana Rey contributed $32,000 to the business in exchange for additional stock in the first quarter of 2022 and has received 4,200 in cash dividends.

Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter6: Statement Of Cash Flows
Section: Chapter Questions
Problem 34P
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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, 2022 Computer services revenue $ 24,507 Net sales 18,593 Total revenue 43,100 Cost of goods sold $ 14,352 Depreciation expense-Office equipment 330 Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense 1,250 3,150 535 1,475 1,225 550 Mileage expense Repairs expense-Computer Total expenses 250 960 24,077 Net income Assets Cash Accounts receivable Inventory Computer supplies Prepaid insurance Prepaid rent BUSINESS SOLUTIONS Comparative Balance Sheets Total current assets Office equipment Accumulated depreciation-Office equipment Computer equipment Accumulated depreciation-Computer equipment Total assets Liabilities and Equity Accounts payable Wages payable Unearned computer service revenue Total current liabilities Equity Common stock Retained earnings Total liabilities and equity Required: $ 19,023 2022 March 31, December 31, 2021 $ 82,707 23,567 $ 57,132 5,168 694 0 2,015 1,030 510 1,585 795 795 110,808 65,190 7,400 7,400 (660) (330) 19,300 (2,500) $ 134,348 19,300 (1,250) $ 90,310 $ 0 $ 1,180 965 0 965 570 2,000 3,750 111,000 22,383 79,000 7,560 $ 134,348 $ 90,310 Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2022. Owner Santana Rey contributed $32,000 to the business in exchange for additional stock in the first quarter of 2022 and has received $4,200 in cash dividends. Note: Amounts to be deducted should be indicated with a minus sign.
Transcribed Image Text: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, 2022 Computer services revenue $ 24,507 Net sales 18,593 Total revenue 43,100 Cost of goods sold $ 14,352 Depreciation expense-Office equipment 330 Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense 1,250 3,150 535 1,475 1,225 550 Mileage expense Repairs expense-Computer Total expenses 250 960 24,077 Net income Assets Cash Accounts receivable Inventory Computer supplies Prepaid insurance Prepaid rent BUSINESS SOLUTIONS Comparative Balance Sheets Total current assets Office equipment Accumulated depreciation-Office equipment Computer equipment Accumulated depreciation-Computer equipment Total assets Liabilities and Equity Accounts payable Wages payable Unearned computer service revenue Total current liabilities Equity Common stock Retained earnings Total liabilities and equity Required: $ 19,023 2022 March 31, December 31, 2021 $ 82,707 23,567 $ 57,132 5,168 694 0 2,015 1,030 510 1,585 795 795 110,808 65,190 7,400 7,400 (660) (330) 19,300 (2,500) $ 134,348 19,300 (1,250) $ 90,310 $ 0 $ 1,180 965 0 965 570 2,000 3,750 111,000 22,383 79,000 7,560 $ 134,348 $ 90,310 Prepare a statement of cash flows for Business Solutions using the indirect method for the three months ended March 31, 2022. Owner Santana Rey contributed $32,000 to the business in exchange for additional stock in the first quarter of 2022 and has received $4,200 in cash dividends. Note: Amounts to be deducted should be indicated with a minus sign.
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